Netflix found and former CEO Reed Hastings announced on Thursday that he will resign from its board and leave the company later this year.

Netflix cofounder and chairman Reed Hastings will step down from the streaming service's board of directors in June when his term expires, the company said on Thursday

Hastings transformed Netflix from a DVDs-by-mail business to a global streaming goliath that revolutionized the distribution of movies and television series. He led the company th

Hastings' departure may worry investors given his status as one of the great entrepreneurs of the 21st century.

Netflix Chairman Reed Hastings is leaving the streaming service he co-founded 29 years ago as the company regains its footing after it lost its $72 billion deal for Warner Bros Discovery. In a letter to investors released on Thursday,

The co-founder of Netflix, Reed Hastings, is leaving the company, stepping down as chairman of the streaming platform in June. Hastings set up Netflix in 1997 with Marc Randolph, offering DVD film rentals to customers by post.

Netflix co-founder Reed Hastings will leave the company's board in June to focus on philanthropy and other efforts, the streaming company said Thursday.

Netflix Chairman Reed Hastings is leaving the streaming service he co-founded 29 years ago as the company regains its footing after it lost its $72 billion deal for Warner Bros Discovery .