Reed Hastings Exits Netflix Board

After 29 years with the company he co-founded, Reed Hastings will not stand for re-election to the Netflix board this summer.

His departure marks the end of an era for the streaming pioneer, which Hastings helped transform from a DVD-by-mail service into a global media powerhouse.

The announcement coincided with a Q1 earnings report that beat revenue estimates but missed on future profit outlooks.

Despite the leadership transition, the company is continuing to focus on its ad-supported tier and live sports broadcasting to drive future growth.