Investing.com -- Netflix (NASDAQ: NFLX) has appointed longtime board member and venture capitalist Jay Hoag as chairman, replacing co-founder Reed Hastings, who stepped down from the board earlier this week, according to a Bloomberg report.
Hoag, a founding general partner of venture capital firm Technology Crossover Ventures (TCV), has served on Netflix’s board since 1999. He most recently held the role of lead independent director.
The streaming giant said it will not appoint a new lead independent director following Hoag’s promotion to chairman. Hoag has played a role in Netflix’s board oversight during the company’s transformation from a DVD-by-mail business into one of the world’s largest streaming platforms.
Hoag also serves on the boards of Zillow Group Inc (NASDAQ:ZG) and Peloton Interactive Inc (NASDAQ:PTON). Through TCV, he has been involved in investments across the technology, internet, and software sectors.
The appointment follows the departure of Hastings from Netflix’s board. Hastings co-founded the company in 1997 and served as chief executive for more than two decades before transitioning to executive chairman in 2023. He stepped down from that role in 2025 and remained a board member until this week.
Hoag’s appointment comes as Netflix continues to expand its advertising business, grow its live programming lineup, and invest in original content production globally.
The company has also increased its focus on sports-related programming and interactive entertainment as it seeks to broaden subscriber engagement.
The appointment follows scrutiny of Hoag’s board attendance record. Last year, proxy advisory firm Institutional Shareholder Services recommended that shareholders vote against his reelection after disclosures showed he attended two of four board meetings.
Netflix said Hoag offered to resign following the vote, but the board declined to accept his resignation and retained him as a director.
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