Reed Hastings, who co-founded Netflix 29 years ago, is stepping down as executive chair of the streaming giant to focus on "philanthropy and other pursuits".
He served as its leader through its transformation from a DVD rental service to a global streaming platform now available in nearly every country.
"Netflix changed my life in so many ways, and my all-time favourite memory was January 2016, when we enabled nearly the entire planet to enjoy our service," Hastings said.
"My real contribution at Netflix wasn't a single decision; it was a focus on member joy, building a culture that others could inherit and improve, and building a company that could be both beloved by members and wildly successful for generations to come."
Co-CEO Ted Sarandos said Reed has been a singular source of inspiration, personally and professionally, since they met in 1999.
“I've had the privilege of working for, and alongside, a true history maker and I look forward to marvelling at all he will do next," Sarandos said.
Co-CEO Greg Peters said Reed will always be Netflix's founder and biggest champion.
“He is a part of our DNA. His vision, entrepreneurship, and steadfast commitment to our values have shaped every stage of our journey," Peters said.
Reed revealed his move during the announcement of March quarter results with revenue growing 16%, driven mainly by membership growth, higher pricing and increased advertising revenue.
Netflix expects full year revenue of $US50.7 billion to $51.7 billion and an operating margin of 31.5%.
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