David Paul Morris | Bloomberg | Getty Images
Reed Hastings, chairman, president and CEO of Netflix Inc.
said Friday that Netflix CEO Reed Hastings will not be reelected at the company's Annual General Meetings for 2019.
Hastings departure has been talked about for quite some time due to the growing interest of Facebook in video services, according to Andrew Ross Sorkin. In 2017, Facebook launched Watch the video streaming service and last year released the company IGTV, its Instagram video streaming app.
Hastings's farewell comes about three years after he and his colleague Peter Thiel got into a fight because of their political leanings. In an e-mail sent in August 2016, Hastings told Thiel that he intended to have his rating appended to his approval of former Republican presidential candidate Donald Trump, according to a New York Times report.
"I'm so surprised by your Trump approval for our President that it's going from 'different judgment' to 'bad judgment' for me," Hastings allegedly said in the email to Thiel. "A certain variety of views are sound, but a catastrophic bad judgment (in my view) is not what someone in another board member desires."
WATCH: See which apps have access to your Facebook data – and truncate