Reed Hastings, who co-founded Netflix nearly 30 years ago, announced he will leave the streaming company this summer. In a letter to shareholders, the 65-year-old said he will not seek re-election at the annual meeting in June. Netflix shares dropped 8% after the news. Hastings stepped down as chief executive in 2023 but remained chairman. He called his favorite memory enabling nearly the entire planet to enjoy the service in January 2016. The company praised its co-chief executives, Ted Sarandos and Greg Peters, who will continue leading Netflix. "Reed will always be Netflix's founder and biggest champion," said Peters. The company recently lost a $72 billion deal for Warner Bros Discovery.