Reed Hastings, co-founder and longtime former CEO of Netflix, is shifting from executive chairman to chairman of the board.
The move to a non-executive role on the board was described by the company as “part of the natural evolution of our leadership structure and succession planning.”
In 2023, Hastings passed the baton to Co-CEOs Ted Sarandos and Greg Peters and became executive director of the board. The executive has pursued business interests apart from Netflix and has also become a prominent philanthropist, recently giving $50 million to his alma mater, Bowdoin College.
Along with the Hastings move, which was announced in the company’s quarterly letter to shareholders, the company said longtime board member Tim Haley does not plan to continue in the position.
The letter referred to Haley as “our longest standing independent director,” with a tenure dating back to the company’s inception as a DVD-by-mail operation.
“For more than 27 years, Tim has been on this journey with us and his counsel and leadership have been a much valued part of our success,” the letter said. “We thank Tim for his long service and many contributions to the Netflix board of directors.”
