Jay Hoag Named New Netflix Chairman As Co-Founder Reed Hastings Steps Down From The Board
Netflix has appointed Jay Hoag, a long-time board member and lead independent director, as chairman. He succeeds co-founder Reed Hastings, who is stepping down to focus on philanthropy. Hastings transformed Netflix from a DVD mail service into a global streaming leader over three decades.
- Republic Business
- 1 min read
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Netflix appointed lead independent director Jay Hoag as chairman of its board, succeeding Reed Hastings, who stepped down from the board of the streaming service he co-founded nearly three decades ago.
Here are some details on the move:
* The streaming platform announced the move in an SEC filing on Friday, saying Hoag assumed the role following its annual shareholders meeting on June 4.
* Netflix said in April that Hastings is quitting the company in order to focus on his philanthropy and other pursuits.
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* Hastings transformed Netflix from a DVDs-by-mail business to a global streaming goliath that revolutionized the distribution of movies and television series.
* He also steered it through the COVID-19 pandemic, which boosted its growth even as other entertainment companies struggled.
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* Hoag co-founded TCV, a growth equity firm, which has been an investor in Netflix for many years.
* Hoag has served on Netflix's board since 1999 and was the lead independent director for more than a decade.
* He currently serves on the boards of Zillow Group and Peloton Interactive.