Reed Hastings Officially Leaves Netflix Board, Jay Hoag Becomes Chairman
by Todd Spangler · VarietyIt’s a changing for the guard at the top of Netflix‘s board.
Executive chairman Reed Hastings, the company’s co-founder who served as CEO for 25 years and drove it to become the world’s leading premium streamer, officially departed the Netflix board following the June 4 annual shareholders meeting. As previously announced, Netflix said Hastings is leaving the board “to focus on his philanthropy and other pursuits,” which include tending to the Utah ski resort he owns.
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With Hastings’ departure, Hoag — Netflix’s lead independent director who has served on the company’s board since 1999 — has been named chairman. Hoag, an early investor in Netflix, has served as a founding general partner at venture-capital firm Technology Crossover Ventures (TCV) since 1995.
In an SEC filing Friday, Netflix said that on May 29, 2026, the board appointed Hoag to serve as the chairman of the board, effective as of the conclusion of the annual meeting. “The Board determined it will no longer need a separate Lead Independent Director, as Mr. Hoag is an independent director under the applicable rules of the Securities and Exchange Commission and the listing standards of the Nasdaq Stock Market,” the company said.
Hoag’s appointment to the chairman role comes after shareholders last year voted to boot him as a director at the streamer’s 2025 annual shareholder — with 78% of the shares voted on Hoag’s reelection cast against him. That was over displeasure with his poor attendance at board meetings the year prior, with an attendance rate of 50% in 2024. Following that vote, Hoag had proffered his resignation but Netflix’s board rejected it and kept him on as a director. “The Board determined that [Hoag’s] absences in 2024 did not indicate a lack of commitment to his duties, noting that Mr. Hoag possesses an otherwise exemplary attendance record,” the company said at the time.
At this year’s annual shareholders meeting, Netflix investors overwhelmingly supported Hoag’s reelection to the board, with over 93% of shares voting for him.
Also at Thursday’s meeting, Netflix shareholders voted to reelect the company’s other board members: co-CEOs Ted Sarandos and Greg Peters, Richard Barton, Mathias Döpfner, Leslie Kilgore, Strive Masiyiwa, Ann Mather, Ambassador Susan Rice, Brad Smith, Anne Sweeney and Ellie Mertz.
Hoag served as the lead independent director on Netflix’s board since 2012, which the company said was a role “with duties largely comparable to the role of chairman.” He continues to serve as chair of the board’s nominating and governance committee.
According to Netflix, 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.”
Hoag also serves on the board of directors of Zillow Group and Peloton Interactive. He is on the investment advisory committee at the University of Michigan, the board of trustees of Northwestern University, and the board of trust at Vanderbilt University. Hoag holds an MBA from the University of Michigan and a bachelor’s degree in economics and political science from Northwestern University.