India, April 17 -- 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, Netflix said Hastings will not stand for re-election at its annual meeting in June and plans to focus on philanthropy and other pursuits. The company's stock plunged around 8% on the news of Hastings' departure.

The company's co-founder is credited with helping to revolutionize how movies and television shows are delivered in homes, upending Hollywood's business model.

Who Is Reed Hastings?

Reed Hastings is an American entrepreneur and businessman who co-founded Netflix in 1997. Under h...