Reed Hastings, Netflix’s co-founder and former chairman, announced he will step down from the board in June, marking another leadership transition for the streaming giant. In a shareholder letter, Hastings emphasized his focus on “member joy” and building a culture of innovation during his decades at the company. His departure follows his 2023 exit as co-CEO, a role he shared with Ted Sarandos before promoting Greg Peters to lead product and operations.

Hastings, 65, spearheaded Netflix’s transformation from a DVD rental service to a global streaming leader, leveraging algorithms and data-driven strategies. He also reshaped corporate culture, famously rejecting the “family” metaphor in favor of a “team” ethos and implementing rigorous performance standards. The company later softened its approach to employee evaluations.

The exit allows Hastings to pursue new ventures, including his investment in Utah’s Powder Mountain ski resort, which he aims to develop into a public-private retreat. Hastings credited Sarandos and Peters for ensuring Netflix’s stability during his transition, calling their leadership “strong enough to allow him to step aside.” His final milestone highlighted the 2016 global expansion, which brought the service to 190 countries.

Hastings’ legacy at Netflix will likely endure as the company navigates competitive pressures from Disney+ and emerging streaming platforms. His departure underscores the industry’s shift toward generational leadership changes in tech-driven entertainment.