Netflix found and former CEO Reed Hastings announced on Thursday that he will resign from its board and leave the company later this year.

Netflix cofounder and chairman Reed Hastings will step down from the streaming service's board of directors in June when his term expires, the company said on Thursday

Hastings' departure may worry investors given his status as one of the great entrepreneurs of the 21st century.

Netflix co-founder and current chairman Reed Hastings is leaving the streaming company’s board in June to focus on "his philanthropy and other pursuits," according to a shareholder letter released alongside Netflix's Q1 earnings.

The co-founder of Netflix, Reed Hastings, is leaving the company, stepping down as chairman of the streaming platform in June. Hastings set up Netflix in 1997 with Marc Randolph, offering DVD film rentals to customers by post.

Netflix co-founder Reed Hastings will leave the company's board in June to focus on philanthropy and other efforts, the streaming company said Thursday.

Netflix co-founder and chairman Reed Hastings, who served as CEO for 25 years, is leaving the streaming giant’s board of directors. Netflix disclosed Hastings’ departure in an SEC filing Thursday. “On April 10,

Co-founder won’t stand for re-election to the board, Netflix said in first earnings report since pulling out of the Warner Discovery bid.