New Delhi, April 18 -- On Thursday afternoon, Netflix announced that co-founder and chairman of the board Reed Hastings would be stepping down when his term expires later this year "in order to focus on his philanthropy and other pursuits," according to a letter to shareholders.

Hastings founded Netflix in 1997 with Marc Randolph, and took the reins in 1999 when the company was still a DVD-by-mail service. In 2020 he elevated creative executive Ted Sarandos to the co-CEO position, reflecting how important original content had become for Netflix, by then the leading subscription streaming service. In 2023, he stepped away from the co-CEO role, with chief operating officer Greg Peters replacing him.

After a new board is elected in June, h...