Netflix Chair Reed Hastings to leave board in June

Co-founder won’t stand for re-election to the board, Netflix says in first earnings report since pulling out of Warner Discovery bid

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Netflix Chairman and co-founder Reed Hastings will step down from the company’s board after his term expires in June, the streaming giant said Thursday. 

Netflix said Hastings has decided not stand for re-election to its board so he can focus on philanthropy and other pursuits.

Hastings’ departure marks an end of an era for Netflix, which under his leadership transformed from a DVD-by-mail business to a juggernaut in subscription video streaming that disrupted Hollywood.

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