Reed Hastings to step down from Netflix board

• Hastings led Netflix's now infamous pivot from DVDs-by-mail to streaming.
• He led Hollywood's foray into streaming originals and launched the first personalized streaming TV experience long before the pandemic-era streaming wars.

What they're saying: "Netflix changed my life in so many ways, and my all‑time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service," Hastings said in a statement.

• "My real contribution at Netflix wasn't a single decision; it was a focus on member joy, building a culture that others could inherit and improve, and building a company that could be both beloved by members and wildly successful for generations to come."
• He thanked co-CEOs Ted Sarandos and Greg Peters "whose commitment to Netflix's greatness is so strong that I can now focus on new things."

The big picture: For years, Wall Street was skeptical that Netflix could beat traditional entertainment companies in owning the future of TV.

• Hastings' investments in technology, and shrewd licensing strategy, helped make Netflix one of the most profitable subscription streamers in the world today.