Key facts
- Jay Hoag appointed chairman of Netflix's board.
- Hoag succeeds co-founder Reed Hastings.
- Hoag assumed the role on June 4.
- Hastings is stepping down to focus on philanthropy and other pursuits.
- Hoag co-founded venture capital firm Technology Crossover Ventures (TCV).
- Hoag has served on Netflix's board since 1999.
Netflix has appointed Jay Hoag, the lead independent director, as the new chairman of its board, succeeding co-founder Reed Hastings. Hastings stepped down from the board of the streaming service he co-founded nearly three decades ago. Hoag assumed the chairman role following the company's annual shareholders meeting on June 4. Hastings is reportedly stepping down to focus on his philanthropy and other pursuits. He transformed Netflix from a DVDs-by-mail business into a global streaming giant. Hoag, who co-founded the venture capital firm TCV, has been an investor in Netflix for many years. He has served on Netflix's board since 1999 and was the lead independent director for over a decade. Hoag also currently serves on the boards of Zillow Group and Peloton Interactive.