NETFLIX FOUNDER HASTINGS EXITS AS COMPANY REFOCUSES

Hastings, who co-founded Netflix in 1997 and served as CEO until 2023, announced his departure in the company's Q1 earnings letter. He will step down when his current board term expires at the June annual meeting to pursue philanthropy and other interests. The exit marks a significant transition for Netflix leadership. Hastings previously handed CEO duties to Greg Peters in 2023 while assuming the chairman role. His departure comes as Netflix returns to fundamentals after a costly pursuit of Warner Bros. Discovery ended two months ago. Investors have responded positively to Netflix's strategic reset. The company's stock struggled during the bidding war but has recovered since the deal chase concluded. Q1 earnings, released Thursday, showed the company posting second-quarter forecasts, though guidance fell short of analyst expectations. Hastings' 29-year tenure transformed Netflix from a DVD rental service to a global streaming powerhouse. His departure represents the end of an era for the company, even as management continuity remains intact under Peters and the current leadership team.