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Netflix founder Reed Hastings has stepped down from his executive chairman role at the streaming service. He will now serve as chairman of the board and in a non-executive director position.
Hastings role change was announced in Netflix’s latest quarterly earnings report Thursday. Also included in the financials was the news that Netflix’s longest-standing independent director Tim Haley will not stand for re-election.
“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,” Netflix said in a letter to shareholders. “We thank Tim for his long service and many contributions to the Netflix Board of Directors.”
Netflix reported Q1 revenue of $10.54 billion, up 12.5%, and earnings per share of $6.61 (compared with $5.28 a year prior). This January-to-March quarter marks the first quarter Netflix has stopped disclosing subscriber counts, as the company wants to focus the narrative on financials and user engagement.
More to come…
English (US) ·