Reed Hastings Departs Netflix Board, Shares Drop

0:00It's April 17th, from your city to your ears. This is California News Today, powered by AI. I'm Cory with the story. Netflix co-founder and chairman read Hastings as leaving the board of directors when his term ends in June. He's shifting focus to philanthropy and new projects after steering the company for decades. He took the CEO row from co-founder Mark Randolph back in the late 1990s and held it for over 20 years until stepping away in 20. Under his watch, Netflix grew into a streaming giant loved by millions. Investors got a glimpse into his mindset to a statement highlighting his push for customer happiness, strong company culture, and long term. Success that others can build on. That came as background to his exit news. The announcement dropped alongside Netflix's latest quarterly earnings, the first since they backed out of a deal to buy Warner Brothers. Netflix's studio and streaming assets back in February results beat expectations but

1:00the future outlook left folks wanting more. Shares tumbled nearly 9% to $98.32 after hours trading, shaking up the market vibe as Netflix eyes. What's next without Hastings at the home?