June 5 (Reuters) – 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.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shreya Biswas)
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