Netflix appoints Jay Hoag as chairman as Hastings departs

Reed Hastings, the co-founder of Netflix, has officially ended his formal affiliation with the company following its annual shareholder meeting. Venture capitalist Jay Hoag, a longtime board member and early investor, was elected as the new chairman of the board, succeeding Hastings.

The transition, confirmed in a Securities and Exchange Commission filing on Friday, marks the final step in Hastings’s gradual departure from the streaming giant he led for 25 years. He stepped down as CEO in 2023, transitioning to the role of executive chairman, and had previously announced he would not stand for reelection to the board when his term expired this month. The company stated his decision was not the result of any disagreement with Netflix.

In a statement, Hastings reflected on his tenure, saying his real contribution was a focus on member joy and building a culture and company that could be both beloved and successful for generations. He expressed gratitude to co-CEOs Ted Sarandos and Greg Peters, stating their commitment allows him to focus on new endeavors, including philanthropy and his ownership of the Powder Mountain ski resort in Utah.

Hoag’s appointment as chairman follows his...