Reed Hastings Exits Netflix Board

Hastings, who transformed the company from a DVD-by-mail service into a global streaming giant, plans to focus on his philanthropic endeavors and personal interests.

The announcement coincided with Netflix's first-quarter earnings report, which showed strong subscriber growth but provided a cautious outlook for the remainder of the year.

Despite beating revenue estimates, the company's shares tumbled as investors reacted to the leadership change and the missed profit guidance.

Co-CEOs Ted Sarandos and Greg Peters praised Hastings for his 'selfless and graceful' leadership during his three-decade tenure.