Reed Hastings will step down from Netflix's board in June after nearly 30 years, marking a shift in leadership for the company. His departure comes amid disappointing earnings and challenges following the withdrawal from an acquisition deal.

Netflix co-founder Reed Hastings will not seek re-election to the board when his term ends in June, marking a significant transition for the company he led. Under his guidance, Netflix evolved into a leading media powerhouse, innovating in streaming and original content. Hastings emphasized his focus on member joy and a lasting culture at Netflix.