Netflix's Reed Hastings steps aside after nearly 30 years; Jay Hoag becomes chairman

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.

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.

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.