The CEO and founder of Netflix, Reed Hastings, is departing the organization

As the firm recovers from losing the bid to acquire Warner Bros. Discovery, Netflix CEO Reed Hastings is leaving the streaming service he created 29 years ago.

Hastings will not run for reelection at Netflix’s annual meeting in June, the company said in a letter to investors released on Thursday. Instead, he intends to concentrate on philanthropy and other endeavors.

Following the announcement of Hastings’ departure, the company’s shares fell by roughly 8%.

In a 14-page letter to shareholders, Netflix reiterated its «ambitious and unwavering» goal of entertaining people worldwide by providing films and television shows in a variety of languages, cultures, and tastes. The company’s full-year guidance hasn’t changed.

The company reported earnings per share of $1.23 in the first quarter, up from 66 cents per share in the same quarter last year, and did not reveal how it intends to spend the $2.8 billion in termination compensation it received after failing to complete the acquisition of Warner Bros. Studios and HBO.