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Reed Hastings, the co-founder and chairman of Netflix, is leaving the company’s board when his term expires this summer
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Hastings is stepping aside to focus on “philanthropy and other pursuits,” the company said in a letter to shareholders .
Key facts
- The company reported $12.25 billion in revenue in the first quarter, a 16.2% increase from the same period last year
- Netflix’s net income rose nearly 83% to $5.28 billion
- In 1999, when mom-and-pop video rental stores still coated the country, Hastings and Netflix co-founder Marc Randolph launched a subscription DVD-by-mail business for movies
- The report also mentions the streaming giant’s recent acquisition of InterPositive, Ben Affleck’s AI company
Summary
Reed Hastings, the co-founder and chairman of Netflix, is leaving the company’s board when his term expires this summer. Hastings will officially leave the board when his term is up in June, according to the filing. In 1999, when mom-and-pop video rental stores still coated the country, Hastings and Netflix co-founder Marc Randolph launched a subscription DVD-by-mail business for movies.