Netflix co-founder Reed Hastings, who served as CEO for 25 years and drove the company to become the world’s leading premium streamer, officially departed the Netflix board following the June 4 annual shareholders meeting. Netflix said Hastings is leaving the board “to focus on his philanthropy and other pursuits.”
Jay Hoag, founding general partner of growth equity firm TCV, has replaced Hastings as board chairman. Hoag had served as the Netflix board’s lead independent director since 2012 and is also chair of the nominating and governance committee.
The streaming platform announced the move in an SEC filing on Friday, saying Hoag assumed the role following the annual shareholders meeting on June 4.
Hoag has served on Netflix’s board since 1999. The streaming giant said it will not appoint a new lead independent director following Hoag’s promotion to chairman.
The board selected Hoag as chairman, given his valuable leadership and contributions to the Board over the years. He brings strategic insights and financial experience to the Board, providing unique perspectives on matters such as risk management, corporate governance, talent selection and management.”
“Netflix changed my life in so many ways, and my all-time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service,” Hastings said in a statement.
