Netflix confirmed the appointment of Jay Hoag as Chairman of its Board of Directors, succeeding co-founder Reed Hastings, whose departure was announced in April. Hoag’s been a board member of the company since 1999 and lead independent director for over a decade.

Hastings, 65, had already stepped down from operational leadership in January 2023 after handing over the reins as CEO. He said that he intended to devote more time to his philanthropic activities.

Co-founded in 1997 by Hastings and Marc Randolph as a DVD-by-mail rental service, Netflix profoundly transformed the audiovisual industry with the launch of its streaming platform ten years later. The group now boasts over 325 million subscribers worldwide and remains confident in its growth prospects despite the recent failure of its proposed merger with Warner Bros Discovery.

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