Nearly three decades after co-founding Netflix in 1997, Reed Hastings is officially leaving the company. Following his tenure as CEO until 2023, he will now step down from his role as chairman. In a release, Hastings highlighted his focus on member joy and building a culture that can be improved upon.

Hastings will now dedicate himself to philanthropy and other pursuits. His departure comes as Netflix reported a strong Q1 2026 earnings, with revenue up 16.2 percent year-on-year thanks to membership growth, higher pricing, and increased ad revenue. The company also secured a $2.8 billion breakup fee after backing out of an $83 billion deal for Warner Bros.

With Hastings stepping down, Netflix continues to expand its platform through new content initiatives such as live streaming, video podcasts, and games. It has even raised prices again, making its cheapest ad-free plan cost £19.99 per month from March onwards. This move comes alongside the launch of a kids' games app called Playground and additional Jackbox party games for playing on television.

Moreover, Netflix plans to revamp its mobile app by the end of this month, with an emphasis on vertical video content. As Hastings reflects on his legacy, it's clear that he leaves behind a company well-equipped to navigate the evolving digital landscape.