Netflix Chairman Reed Hastings Exits

Reed Hastings, the visionary who transformed Netflix from a mail-order DVD service into a global entertainment giant, is set to leave the company's board when his term expires.

The announcement came alongside first-quarter earnings that, while profitable, included a cautious growth outlook that spooked investors and caused a 9% drop in after-hours trading.

Hastings, who stepped down as co-CEO last year, stated he intends to focus on his philanthropic work in education and climate change.

The company's current leadership, Ted Sarandos and Greg Peters, praised Hastings' 'selfless and disciplined' legacy as they navigate intensifying competition in the streaming market.