Key facts
- Reed Hastings has officially departed the Netflix board.
- Jay Hoag has been appointed as the new Executive Chairman of Netflix.
- Hastings co-founded Netflix and served as CEO for 25 years.
Netflix is undergoing a leadership transition at its board level. Reed Hastings, the company's co-founder, former CEO, and long-time executive chairman, officially stepped down from the board of directors. His departure followed the company's annual shareholders meeting on June 4. Hastings, who led Netflix for 25 years and established it as a premier streaming service, is no longer a board member. Concurrently, Jay Hoag has assumed the role of Executive Chairman.