Key facts
- Jay Hoag appointed chairman of Netflix's board, succeeding Reed Hastings.
- Hoag assumed the role on June 4, following the company's annual shareholders meeting.
- Reed Hastings is stepping down from the board after nearly three decades.
- Hoag has served on Netflix's board since 1999 and was previously lead independent director.
- Hoag co-founded the venture capital firm Technology Crossover Ventures (TCV).
- Netflix simplified its board structure by eliminating the need for a separate lead independent director.
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. His appointment reflects strong shareholder confidence, with over 93% supporting his reelection to the board through 2026, despite previous concerns about meeting attendance. The company also simplified its board structure, determining a separate lead independent director position is no longer necessary with Hoag as chairman.