STORY: Netflix Chairman Reed Hastings is leaving the streaming service he co-founded 29 years ago.
Hastings' exit comes at an inopportune time.
:: Netflix
The company is searching for new avenues of growth as sales slow due to competition...
and after a $72 billion merger with Warner Bros Discovery fell through in February.
:: Netflix
Netflix on Thursday forecast earnings per share in the current quarter below analysts' expectations and quarterly revenue growth that is the slowest in a year, according to LSEG data.
The company's stock plunged around 9% on the news of Hastings' departure.
In a letter to investors on Thursday (April 16), Netflix said Hastings will not stand for re-election at its annual meeting in June and plans to focus on philanthropy and other pursuits.
:: Netflix
It also doubled down on its existing strategy to entertain the world, providing movies and series for many tastes, cultures and languages.
The company's full-year outlook remained unchanged.
Greg Peters, the company's co-chief executive, said that Netflix ended last year with more than 325 million paid members and is entertaining an audience approaching a billion people.
However, he added that there is still plenty of room for growth.
Hastings transformed Netflix from a DVDs-by-mail business to a global streaming goliath that reshaped how shows and movies are distributed.
He also led the firm through a pandemic, which led to a surge of growth at Netflix even as other entertainment companies struggled.
