Netflix Founder Reed Hastings Resigns

Hastings, who transformed the company from a DVD mail-order service into a global streaming powerhouse, will conclude a 29-year tenure.

His departure comes at a pivotal moment as Netflix hunts for new growth avenues following a failed acquisition bid for Warner Bros.

Discovery.

The company's recent earnings report beat revenue expectations but provided soft guidance for the second quarter, spooking investors.

Hastings plans to focus on his philanthropic work, particularly in education, following his retirement from the board.