Netflix names longtime director Jay Hoag as chairman, succeeding Reed Hastings

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.

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.