Post by Lucas Shaw

Big news: Netflix co-founder Reed Hastings is leaving the board of the company. Hastings provided the initial capital to start Netflix and served as its CEO for 24 years. He remained chairman of the board after he left. Hastings said he is leaving to focus on philanthropy and other endeavors. (He serves on a few boards.) Hastings is the rare founder who has been able to let go of his company. He stepped aside as CEO and quickly ceded control to his successors. Yet he's leaving at a crucial moment in the history of the company. Netflix attempted the biggest deal in company history, pulled out of the process and must now prove they have a plan to grow. Netflix accounts for just 5% of TV time globally but faces growing competition. The financial results reported today -- along with the departure of Hastings -- have rattled investors. Shares are down about 9%. https://lnkd.in/e3iqDemt