shareholder

Reed Hastings, who helped launched Netflix from a fledgling DVD mail-order business into a global streaming juggernaut, plans to exit the company after nearly three decades.

Hastings will leave the company he co-founded to focus on philanthropy and other efforts, the streaming company announced said Thursday.

Hastings, who serves as chairman of the Los Gatos company’s board, told Netflix he will not stand for reelection when his term expires in June, Netflix said in a letter to shareholders timed to its fiscal first-quarter earnings.

He said the commitment of Netflix Co-Chief Executives Ted Sarandos and Greg Peters was “so strong that I can now focus on new things.”

Peters described Hastings, 65, as the company’s “biggest champion,” and that he “is a part of our DNA.”

Sarandos called Hastings a “true history maker,” saying in a statement that Hastings’ “selfless, disciplined leadership style” will continue to shape Netflix’s path ahead.

Hastings’ exit was not unexpected as his role in the company diminished after he stepped aside as co-chief executive of Netflix in 2023.

During his tenure, Hastings oversaw the substantial growth of the streaming colossus. Today, Netflix has a market cap of about $455 billion, more than double that of the Walt Disney Co.

“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,” Hastings said in a statement.

For the first quarter of 2026, Netflix reported nearly $12.3 billion of revenue, up 16% compared to the same time period a year ago. Operating income grew 18% to $3.9 billion for the three-month period ending March 31.

Both figures were ahead of the company’s guidance, a feat the streamer attributed to slightly higher than expected subscription revenue.

The company reported net income of $5.3 billion, up more than 80% compared to the $2.9 billion it recorded during the same period last year. Earnings per share was $1.23, up from 66 cents last year.

Netflix said it continues to expect 2026 revenue ranging from $50.7 billion to $51.7 billion, with an operating margin of 31.5%.

The earnings release and the Hastings announcement came after markets closed.

Netflix shares closed at $107.79, virtually unchanged. After hours, the shares dropped more than 8% to $98.26. They have climbed about 18% this year.

The Los Gatos-based company had previously secured an $82.7-billion deal to buy Warner Bros. studios and streaming services in December but it withdrew from the bidding war in late February after Paramount Skydance offered $31 a share. As part of the switch, Netflix was paid a $2.8-billion termination fee.

“Warner Bros. would have been a nice accelerant for our strategy, but only at the right price,” Netflix said in its investor letter. “We have multiple ways to achieve our goals (including producing, licensing, and partnering) and we’re constantly seeking to allocate our resources to the most attractive opportunities to maximize the value we are delivering to our members.”

Before Reed Hastings revolutionized the global entertainment business, he sold Rainbow vacuum cleaners door-to-door during his gap year between high school and Bowdoin College, where he earned his bachelor’s degree in mathematics.

During his sales pitch, Reed would first clean a homeowner’s carpet with their vacuum and then demonstrate how to clean using a Rainbow. The job helped hone his ability to understand customers, a core foundation of Netflix’s user-driven, candor-obsessed culture.

After Bowdoin and before he earned his master’s degree in computer science at Stanford, Hastings served in the Peace Corps (he also did a stint in the Marines) teaching high school math in Swaziland (now Eswatini).

“Once you have hitchhiked across Africa with ten bucks in your pocket, starting a business doesn’t seem too intimidating,” he told Time magazine.

While those experiences helped shape Hasting’s business sense, it was a late fee for a video that became the catalyst for launching Netflix, upending the way viewers consumed content and disrupting how Hollywood does business.

As the story goes, Hastings had misplaced a VHS tape of “Apollo 13” racking up a hefty $40 charge.

It was 1997 and his company Pure Software had just been acquired. It dawned on him that a gym membership offered a better business model, than the average video store — where you paid a set fee for the month and you could work out as much or as little as you liked. He thought, why not apply that to the movie rental business?

Netflix, began in Scotts Valley, Calif., as a mail-order business. Customers paid a tiered monthly fee to rent DVDs online which were delivered by mail.

The business exploded racking up millions of customers as it jettisoned the post office to an internet-based business. As the business accelerated across the world it also expanded, creating original content such as award-winning blockbusters such as “Stranger Things” and “House of Cards.”

The company’s innovation extended internally too. Hastings became known for implementing a unique and controversial culture of radical transparency, where employee evaluations are brutally candid and average performances can be grounds for termination.

The concept was a central theme of his 2020 book “No Rules Rules: Netflix and the Culture of Reinvention,” written with business professor Erin Meyer.

Times staff writers Meg James and Wendy Lee contributed to this report.

SEOUL, March 20 (UPI) — Korea Zinc’s incumbent management and its major shareholder, Young Poong, are locked in a fierce showdown ahead of a regular shareholders’ meeting Tuesday.

The world’s largest non-ferrous metal producer said Friday that it posted record sales and profits last year, which led to high dividends and other shareholder-friendly policies.

Citing the strong performance, Korea Zinc has called for the leadership continuity, as the 2026 shareholders’ meeting would select at least five board members out of 15 seats. The term of Chairman Yun B. Choi is also set to expire.

“We believe that our continued efforts to improve corporate governance and expand shareholder returns have laid the foundation to steadily grow our business and operate our organization in a stable manner,” the firm said in a statement.

But, Young Poong argued that proxy advisers and the National Pension Service, another key Korea Zinc shareholder, have effectively supported its position by opposing the reappointment of Choi as an inside director.

According to Young Poong, such decisions suggest that “this is no longer merely a management control dispute, but judgment over potential structural flaws in corporate governance and failures of oversight.”

Since early 2025, Korea Zinc has been fighting to repel an aggressive takeover bid from Young Poong, which has teamed up with the country’s leading private equity firm, MBK Partners.

The battle came to a head at the March 2025 shareholders’ meeting, and another high-stakes clash is looming at this month’s gathering.

Each side reportedly controls roughly 40% of the voting shares, while NPS holds a 5.2% stake.

Meanwhile, the labor union at Korea Zinc expressed strong support for the current board, urging the NPS to immediately reverse its decision.

“We will fight to the end to prevent the dark hand of speculative capital from tainting our sacred workplace at this shareholders’ meeting,” the union said in a statement.

“If our warning is ignored and the company is undermined, we will mobilize all possible means, including a general strike, to wage an all-out struggle,” it said.

Walt Disney Co. installed Josh D’Amaro as chief executive Wednesday, beginning a new chapter for the storied Burbank entertainment giant.

Bob Iger passed the reins during Disney’s virtual annual meeting of shareholders, completing the company’s high-stakes and tightly choreographed changing of the guard. After spending two decades molding Disney into a media colossus, Iger segued into a senior advisory role, which will run through December when he officially retires.

The leadership shift comes amid an upheaval in Hollywood as traditional companies wage a desperate battle for survival.

D’Amaro, in his first address to shareholders, pointed to Disney’s signature storytelling as its competitive edge.

“While others in our industry are consolidating just to compete, or struggling to be relevant in a fragmented and disrupted world, Disney is in a category of one,” D’Amaro said during a video segment at the meeting. “This next chapter will be driven by staying focused on world-class creativity, enhanced by technology, bringing unforgettable stories to audiences wherever they are.”

D’Amaro, 55, becomes the ninth leader in Disney’s 102-year history. He was selected last month by Disney board members after a two-year internal bake-off among high-ranking division leaders. Board members were impressed with his business acumen, charisma and his deep love for Disney and its fabled history.

D’Amaro inherits a company that is beloved by millions. It generates $94 billion a year in revenue and employs 230,000 people.

He faces enormous challenges as he steers the ship through a turbulent media environment and tense geopolitics. The war in Iran prompted a sharp increase in fuel costs, which could become a drag on Disney’s critically important tourism business. Executives already have signaled “headwinds” in international visitation at its U.S. theme parks this year.

Lingering Middle East tensions also could weigh on Disney’s plans for a new Persian Gulf waterfront theme park and resort near Abu Dhabi.

D’Amaro, who served as parks and experiences chief until Wednesday, got his corporate start at Disneyland 28 years ago.

“Like so many of you, my connection to Disney goes back to my childhood, long before I began my career here,” D’Amaro told shareholders. “I grew up in a Disney family. We watched ‘The Wonderful World of Disney’ on Sunday nights. I was 10 years old when my family visited Disneyland for the first time. … Disney has always been a place of imagination, innovation and infinite potential.”

Disney previously announced a $60-billion, 10-year expansion program, which D’Amaro has led. But executives must strike a balance by keeping attractions true to their nostalgic core. In Anaheim, the expansion could result in at least $1.9 billion of development.

Disney also must continue to grow its animation business and manage revenue declines from its traditional linear television channels, including ESPN and ABC. It needs to turbocharge its streaming services with compelling movies and TV shows to remain competitive with Netflix and other leaders in the field.

Disney teased upcoming fan favorites, including the May release of Lucasfilm’s “Star Wars: The Mandalorian & Grogu,” a “Bluey” feature film (the kids show featuring an animated puppy, a blue heeler) and a sequel to a “Lilo & Stitch” film for 2028.

Streaming is key to Disney’s future, D’Amaro said.

“Disney+ will continue to evolve beyond a traditional streaming service to become the digital centerpiece of our company,” D’Amaro said, calling the service “a portal that connects our stories, experiences, games, films, and more in entirely new ways.”

The company plans to unify Disney+ and Hulu later this year.

Disney also must continue to incorporate technology while safeguarding its characters and franchises.

“We will continue to develop and embrace new technologies to empower our storytellers — but never at the expense of our characters and worlds, our creative partners, or the trust people place in us,” D’Amaro said. “Because Disney at its core is a company that celebrates human creativity.”

Wednesday also marked a reorganization of the company, configured by Iger, D’Amaro and Disney’s board.

Board members recognized that D’Amaro, who has spent most of his career in the parks division, lacks deep connections among Hollywood’s writers and producers. They elevated longtime television executive Dana Walden, who had been vying for the top job, to the newly formed role of chief creative officer and the company’s first woman president.

ESPN will continue to be managed by Jimmy Pitaro and Disney Entertainment, Studios chairman Alan Bergman will remain in his influential role overseeing film studios including production, marketing and distribution, and sharing oversight for streaming programming with Walden.

D’Amaro’s total compensation package is valued at about $40 million a year, including a $2-million annual base salary, $26.2 million in annual long-term stock incentives, a cash bonus and a one-time promotion award of $9.7 million.

“Josh is a wonderful choice to lead the Walt Disney Co.,” Iger said in a pre-recorded video. “He has passion for our businesses and brands, respect for our people, and he appreciates what makes this company so unique.”

Iger is wrapping up an unprecedented 52-year career at ABC and Disney.

He first stepped into the CEO role in 2005; his first 15 years were almost magical.

Iger led acquisitions of Pixar Animation, Marvel Entertainment and Lucasfilm, the studio behind “Star Wars,” that turned Disney into a blockbuster machine. Sports king ESPN spawned staggering profits, and Disney’s theme parks set industry standards.

Disney’s former Chief Executive Bob Iger will stay on through the end of the year as a senior advisor.

(Jay L. Clendenin / Los Angeles Times)

His decision to buy much of Rupert Murdoch’s 21st Century Fox, a $71-billion deal that closed in 2019, boosted Disney’s television production, refreshed its TV executive bench, and provided a controlling stake in general entertainment streaming service Hulu. The acquisition also gave Disney access to fan-favorite franchises, including “Deadpool,” “The Simpsons,” and James Cameron’s “Avatar.”

But the purchase left Disney saddled with debt just as the COVID-19 pandemic prompted production shutdowns and closures at theme parks and sports venues. It would take several years for Disney to recover.

Iger initially passed the CEO baton to Bob Chapek in February 2020. Iger, then chairman, retired the following year but came back in November 2022 to a mess. At the time, the company was losing billions of dollars on its shift to streaming but that unit is now profitable.

Iger spent the next three years focusing on four business pillars, including improving the quality and profitability of its film studios.

During the last two years, Disney has produced five franchise films that racked up more than $1 billion in worldwide ticket sales, including “Inside Out 2,” “Zootopia 2,” and “Avatar: Fire and Ash.”

Disney and Pixar’s latest animated film “Hoppers” has hauled in $46 million at the domestic box office in its opening weekend, marking the highest theatrical debut for an original animated film since Disney’s 2017 success “Coco.”

The company is banking this year on several other films with blockbuster potential, including Disney and Pixar’s “Toy Story 5,” “Star Wars: The Mandalorian & Grogu” and Marvel Studios’ “Avengers: Doomsday.”

“I would want to be known as someone who was given the keys to this kingdom and brought it to a place that even Walt would be proud of — more storytelling, more innovation, more risk‑taking, and more creation of happiness,” Iger said during a “The Rest is History” podcast last year.

During the meeting, Iger appeared in a prerecorded video that celebrated his numerous career highlights. Shown were clips from his cub years when Iger was a newscaster with bushy black hair. His journey was depicted, including his orchestration of multi-billion-dollar acquisitions that strengthened Disney with more characters and franchises.

Iger, 75 and now gray, ended by thanking shareholders “for the trust you placed in me, for the memories we created together, and for allowing me the honor of serving,” he said. “It has meant more to me than I can say.”

Animated pixie dust twinkled on the screen, courtesy of the fairy, Tinker Bell.

“Bob, on behalf of our employees, cast members, shareholders, and fans around the world, thank you so much for your tremendous leadership, your steadfast support, and your countless contributions to The Walt Disney Co.,” D’Amaro said, as the hand-off was complete.

“You’ve set an incredible example for all of us. … You will be missed,” D’Amaro said.

There was little fanfare during the business portion of the investor meeting.

The company’s slate of board directors were elected with 93% of the vote. Shareholders also approved executive compensation packages with about 85% of votes.

Shareholder-led proposals to compel reports on charities eligible for Disney’s gift-matching program, a review of the company’s accessibility practices in its theme parks for disabled guests, and a push for cumulative voting at future meetings all failed to muster support.

Disney shares closed at $99.41, down roughly 1% on the day.

Edison International boosted the pay of its top executives last year despite their responsibility for the safety of the company’s power lines before the devastating Eaton fire, which destroyed a wide swath of Altadena and killed 19 people.

Although the company cut cash bonuses for its senior executives, citing the wildfires, their overall compensation went up substantially as the utility’s profit soared in 2025.

Pedro Pizarro, chief executive of the parent company of Southern California Edison, received $16.6 million in cash, stock and other compensation last year, up 20% from 2024, according to a new company filing.

Steven Powell, president of Southern California Edison, received compensation totaling $6.5 million last year, up from $3.9 million in 2024 — a jump of more than 65%.

The utility’s transmission equipment is suspected of igniting two wildfires on Jan. 7, 2025, including the Eaton fire, which left thousands of families homeless.

The Times earlier detailed how Edison fell behind in performing maintenance on its aging transmission lines — work that it had told state utility regulators was needed. County prosecutors are investigating whether Edison should be criminally charged for its actions before the fire.

The government investigation into the cause of the fire has not been released and Edison has denied that it acted negligently. Pizarro has said a leading theory is that a century-old transmission line, which the company had not used for 50 years, may have briefly reenergized, igniting the fire.

A state law championed by Gov. Gavin Newsom in 2019 protects utilities from paying for the damage due to fires sparked by their equipment. When it passed, Newsom touted the law’s requirement that utilities must tie executive compensation to their safety record, saying it would keep them accountable.

The law said that a utility “may” consider tying 100% of executive bonuses to safety performance and “denying all incentive compensation in the event the electrical corporation causes a catastrophic wildfire that results in one or more fatalities.”

Edison said in the new filing that the company’s board members who determine executive compensation decided to decrease the cash bonuses of Pizarro, Powell and Jill Anderson, the utility’s chief operating officer, because of the 2025 wildfires.

Pizarro’s cash bonus was cut by more than $1 million while Powell’s was trimmed by $442,000, according to the filing. Anderson lost out on $244,000.

The company, based in Rosemead, said its decision to cut the three executives’ cash bonuses “was not a reflection of the performance of the company or these executives.”

Despite those cuts, the executives’ total pay of salary, bonuses, stock and other compensation rose, according to the filing. That’s because Edison ties most executive compensation not to safety, but to the company’s financial performance.

And last year, Edison’s profit jumped more than 200% — from $1.3 billion in 2024 to $4.5 billion — despite the Eaton disaster.

The profit increase resulted from the protections from wildfire damage provided to Edison by the 2019 law, as well as a 13% hike in customer electricity rates in October.

The utility attributed the higher electric bills to several increases that it successfully lobbied the California Public Utilities Commission to approve. All five members of the commission were appointed by Newsom.

Scott Johnson, an Edison spokesman, said Tuesday that Pizarro and other company executives holding stock took a financial hit after the fires when the price plummeted.

Before the January fires, Edison International’s stock price was about $80. It fell to $50 the next month. It has recovered much of its value, closing on Tuesday at $72.92.

Edison is facing hundreds of lawsuits by victims of the fire. The suits claim it acted negligently, including by failing to remove the old, dormant transmission line in Eaton Canyon.

The lawsuits also blame Edison for not preventatively shutting down its transmission lines Jan. 7, 2025, despite the dangerous Santa Ana winds.

Pizarro has said the winds didn’t meet the company’s threshold in place at the time for turning off those high-voltage wires.

“Our deepest sympathies remain with all those affected, and this loss reinforces our commitment to public safety and wildfire risk mitigation,” Pizarro and Peter Taylor, chairman of the parent company’s board, wrote in a letter to shareholders that was released with the details on executive compensation.

The two executives added that the company’s “long-term objective remains unchanged: to significantly reduce wildfire risk while improving safety, reliability and affordability of electric service.”

Edison is now offering to compensate Eaton fire victims, including those who lost their homes, family members, businesses and apartments. The offer requires the victims to give up their right to sue the utility. Many survivors say the utility’s offer falls short of what they lost.

Pizarro and Taylor wrote that as of March 4, more than 2,500 claims had been submitted through the program. So far, Edison has extended offers to roughly 600 victims submitting claims and made payments totaling $31 million to 212 of those people, they wrote.

The utility also has begun settling claims of property insurers that covered Altadena homes that were destroyed or damaged, paying out hundreds of millions of dollars. The settlements will help cover the insurance companies’ losses.

Edison has told its shareholders that it expects most or all of those payments to victims and insurers to be covered by a $21-billion state wildfire fund that Newsom and lawmakers created as part of Assembly Bill 1054, which became law in 2019.

Critics say the law went too far, allowing a utility to allegedly spark a deadly wildfire without financial consequences to the company or its executives.

“The predictable outcome of continuing to protect shareholders and executives from the consequences of their own negligence is not theoretical. It is observable. More catastrophic fires,” Joy Chen, executive director of the Eaton Fire Survivors Network, wrote in an email to state wildfire fund administrators this year.

Johnson responded, saying,”Our motivation to prevent fires and any incidents is to be good neighbors and provide affordable and resilient energy. There is nothing more important than safety.”

Taylor was on the board committee that approved the compensation package for Pizarro and other top executives. For his work chairing the board, Taylor received cash and stock compensation of more than $500,000.

Johnson said Taylor’s compensation was based on “typical board chair pay” at other utilities.

The new filing said Pizarro’s total compensation of $16.6 million was 75 times the median Edison employee’s total compensation of $220,000.

The present value of Pizarro’s pension is more than $19 million, the report said.

The company is facing a challenge from one of its shareholders — John Chevedden of Redondo Beach, according to the filing.

Chevedden is asking the company’s shareholders to vote to approve his proposal that would require Pizarro and other Edison executives to hold at least 25% of the stock they had received as compensation until they reach retirement age.

He said that requiring utility executives to hold a significant portion of their stock until retirement would focus their efforts on the company’s long-term success.

Chevedden pointed to “unfavorable news reports,” including the U.S. Department of Justice’s lawsuits against Edison for the Eaton fire and 2022 Fairview blaze, which killed two people in Riverside County.

Edison’s board urged shareholders to vote against Chevedden’s proposal before the company’s annual meeting April 23.

The board said the company already had guidelines that “closely align the interests of officers with the long-term interests of our shareholders.”