Netflix names longtime director Jay Hoag as chairman, succeeding Reed Hastings (updated)
UPDATE 1-Netflix names longtime director Jay Hoag as chairman, succeeding Reed Hastings Adds background in bullet 4 , updates descriptor in bullet 5
June 5 (Reuters) - Netflix NFLX.O 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 ZG.O and Peloton Interactive PTON.O.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shreya Biswas)
((HarshitaMary.Varghese@thomsonreuters.com;))
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Netflix names longtime director Jay Hoag as chairman, succeeding Reed Hastings (updated)
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