The Co-founder of the streaming service that changed a generation has announced his departure to focus on other business ventures, including the Utah ski resort he owns.
As reported by the New York Times on Thursday, April 16, 2026, Netflix’s Reed Hastings will step down from the company’s board this summer.
He previously stepped down as the company’s co-executive chief in 2023, which was a position he shared with Ted Sarandos. The same year, Hastings purchased a majority stake in Powder Mountain, the country’s largest ski area by acreage, located north of Salt Lake City, Utah.
Hastings, now 65, was integral in transforming Netflix from an on-demand DVD service into one of the biggest streaming platforms on the web. His background as a software engineer helped him apply technological advances to the film industry and create a new archetype for consuming film and TV.
Hastings is known for pioneering the streaming model and for a company culture that didn’t tolerate mediocrity.
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Powder Mountain
The mogul announced his departure from the company via shareholder letter, in which he said leaving would allow him to “focus on new things,” and thanked Saradnos and Greg Peters, who replaced him as co-executive chief, for their work.
Under Hastings’ leadership, Powder Mountain has transformed from a sleepy ski resort into an escape for the ultra wealthy, with 8,000 acres of untracked snow and a private real estate community called Powder Haven.
Homeowners in Powder Haven are treated to three private ski lifts and a section of private terrain spanning 1,200 acres, for the price of a home (starting at roughly $675,000) and a membership fee (which ranges from $30,000 to $100,000 annually).
Courtesy Powder Mountain
Hastings has compared the premium nature of Powder Mountain and Powder Haven to subscription tier levels at Netflix, saying that the more folks pay for, the more they get.
While Hastings didn’t explicitly say his departure was because of Powder Mountain, the ski area and real estate venture’s growth over the last three years has been notable and shows no sign of slowing down.
Related: The Bittersweet Experience of Skiing Powder on Closing Week
