Netflix co-founder Reed Hastings exits

Hastings, who transformed Netflix from a DVD-by-mail service into a global media powerhouse, will conclude his 29-year tenure to focus on philanthropy.

His departure follows the successful transition of leadership to co-CEOs Ted Sarandos and Greg Peters last year.

Despite a profitable first quarter, investors were spooked by the company's cautious guidance for the remainder of 2026 as competition in the streaming space intensifies.

The company is now pivoting toward advertising and password-sharing crackdowns to sustain growth in a saturated market.