Netflix cofounder Reed Hastings to exit in June

Netflix chairman Reed Hastings is leaving the streaming service he co-founded 29 years ago as the company regains its ‌footing after it ⁠lost its $72 ⁠billion deal for Warner Bros Discovery.

In a letter to investors released on Thursday, Netflix said Hastings will not stand for re-election at its annual meeting in June and plans to focus on philanthropy and other pursuits.

The company’s stock plunged around 8% on the news of Hastings’ departure. The company’s co-founder is credited with helping to revolutionise how movies and television shows are delivered in homes, upending Hollywood’s business model.