Reed Hastings exits Netflix board

Hastings, who has been with the company for nearly 30 years, is departing at a pivotal moment as Netflix searches for new growth drivers.

The company's second-quarter forecast disappointed investors, particularly following the collapse of a potential deal with Warner Bros.

Discovery.

Despite the executive transition, Netflix reported a slight beat in first-quarter revenue and continues to invest heavily in its gaming and ad-supported tiers.

Analysts are now closely watching how the remaining leadership team will navigate an increasingly competitive streaming landscape without its visionary founder.