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:
o 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.
o Netflix said in April that Hastings is quitting the company in order to focus on his philanthropy and other pursuits.
o Hastings transformed Netflix from a DVDs-by-mail business to a global streaming goliath that revolutionized the distribution of movies and television series.
o He also steered it through the COVID-19 pandemic, which boosted its growth even as other entertainment companies struggled.
o Hoag co-founded TCV, a growth equity firm, which has been an investor in Netflix for many years.
o Hoag has served on Netflix's board since 1999 and was the lead independent director for more than a decade.
o He currently serves on the boards of Zillow Group and Peloton Interactive.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shreya Biswas)
Jay Crandall Hoag is the founder of TCMI, Inc., founded in 1995, serving as Founding General Partner & Executive Committee. Mr. Hoag is the founder of TCMI Inc. (Investment Management), founded in 1995, serving as Founding General Partner. Current jobs include Chairman of Netflix, Inc. since 2026, Chairman of Peloton Interactive, Inc. since 2024, Independent Director of Zillow Group, Inc. since 2005, Director at Technology Crossover Management VII LP, Technology Crossover Management VII Ltd., Technology Crossover Management VIII Ltd., and Technology Crossover Management VIII LP, Trustee at Vanderbilt University, Northwestern University, Menlo School, Hoag Family Trust, and Northwestern University Clinical & Translational Sciences Inst, and Member of Orange Investor GP LLC. Former jobs include Chairman of TCV Acquisition Corp. from 2021 to 2023, Managing Director of Chancellor Capital Management, Inc. from 1982 to 1994, Independent Director of Electronic Arts, Inc. from 2011 to 2021, Director at XRS Corp., TheStreet, Inc. from 2007 to 2009, Expedia Group, Inc. in 2003, eLoyalty Corp. in 2007, Altiris, Inc. in 2007, InPhonic, Inc., TechTarget Holdings, Inc. from 2004 to 2016 as Lead Independent Director from 2011 to 2016, eHarmony, Inc., Stride, Inc., RJ O'Brien & Associates LLC, Fandango Media LLC, TripAdvisor, Inc. from 2018 to 2025, Prodege LLC from 2014 to 2021, VICE Media LLC, and TechTarget, Inc. from 2004 to 2016. Education includes an MBA from the University of Michigan conferred in 1982 and undergraduate studies at Northwestern University.
Netflix, Inc. specializes in on-line broadcasting services for films and television series provided continuously by subscription. Members pay a monthly fee for access to unlimited on-demand content on their computers (PC and MAC), portable telephones, televisions, or other devices (Xbox 360, PlayStation, Wii, Blu-Ray, etc.) connected to the Internet.
Net sales are distributed geographically as follows: the United States and Canada (44.2%), Europe/Middle East/Africa (32.1%), Latin America (11.9%) and Asia/Pacific (11.8%).
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