Netflix Chairman Reed Hastings is leaving the streaming service he co-founded 29 ‌years ago as the company regains its footing ​after it lost its $72 billion deal for Warner Bros. Discovery.

In a letter to investors released on Thursday, Netflix said Hastings ⁠will not stand for re-election at its annual meeting in June ​and plans to focus on philanthropy and other pursuits.

The company's stock ⁠plunged around 8% on the news of Hastings' departure.

Netflix reaffirmed in a 14-page shareholder letter that its mission remains "ambitious and unchanged" — to entertain the world, providing movies and ‌series for many tastes, cultures and languages. The company's full-year outlook ​remained unchanged.

The company ‌did not say how it plans to spend the $2.8 billion termination fee it received after ‌losing the Warner Bros movie studio and HBO and lifted its earnings per share to $1.23 in the first quarter compared with 66 cents ⁠per share in the same quarter ‌last year.

Revenue rose to $12.25 ⁠billion, an increase of 16% from the year-ago period, modestly exceeding analyst forecasts of $12.18 billion.

Netflix, ⁠which ⁠long told investors that a Warner Bros acquisition was a "nice to have, not need to have" ‌proposition, highlighted areas of future growth.

The company said its investment in expanding its entertainment offerings with video podcasts, and live entertainment — such as the World Baseball ‌Classic in ​Japan — is fueling engagement.

It plans ‌to use technology to improve the user experience and improve monetization, as advertising revenue remains on track to reach $3 billion in ​2026 - a twofold increase from a year ago.