Reed Hastings leaves Netflix board

Reed Hastings, who transformed the entertainment industry from DVD-by-mail to global streaming, plans to focus on philanthropy following his departure.

His exit follows Netflix's decision to walk away from a high-stakes acquisition of Warner Bros.

Discovery earlier this year.

Despite the leadership change, co-CEOs Ted Sarandos and Greg Peters reported strong subscriber growth and a profit boost from a termination fee.

Shares of the streaming giant fell in extended trading as investors reacted to the guidance miss and the end of the Hastings era.