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 plans to focus on philanthropy and other pursuits. Hastings had served as Netflix’s CEO for more than 20 years until 2023 after taking over the role from his friend and fellow company co-founder Marc Randolph in the late 1990s.

“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,” he said in a statement.

The company announced Hastings’ departure along with its quarterly results Thursday, its first earnings report since walking away from its offer to buy Warner Bros. Discovery’s studio and streaming business in February.

Netflix shares fell nearly 9% to $98.32 in after-hours trading after the company’s outlook disappointed investors despite strong quarterly results.