Netflix Co-Founder Reed Hastings to Leave Board in June

Reed Hastings will step down from the board of Netflix Inc. when his term ends at the annual meeting in June, ending a 29-year-run at the streaming pioneer he co-founded.

Hastings, who presently serves as Netflix’s chairman, plans to focus on philanthropy and other pursuits, the company said Thursday as it reported first-quarter results.

Hastings’ departure may worry investors given his status as one of the great entrepreneurs of the 21st century. Hastings provided the initial capital to start Netflix as a DVD-by-mail service and replaced co-founder Marc Randolph as chief executive officer in 1999. He guided the company through ...