Netflix named lead independent director Jay Hoag chairman after its June 4 annual shareholders meeting, replacing co-founder Reed Hastings, who stepped down from the streaming company’s board after nearly three decades.

Hoag, a co-founder of growth equity firm TCV and a longtime Netflix investor, has served on Netflix’s board since 1999 and as lead independent director since 2012.

Netflix said the board no longer needs a separate lead independent director because Hoag is independent under the US Securities and Exchange Commission’s and Nasdaq’s rules.

Shareholders gave Hoag over 93% support for reelection in 2026, reversing the previous year’s backlash over his attendance at board meetings.

Hastings moved from sole CEO to co-CEO in 2020 and became executive chairman in 2023, making his departure from the board the latest step in Netflix’s succession process.

🔗 Source: Reuters

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