Netflix names longtime director Jay Hoag as chairman, succeeding Reed Hastings

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)