REED HASTINGS LEAVES NETFLIX BOARD; JAY HOAG BECOMES CHAIRMAN

Reed Hastings has officially left the Netflix board of directors following a shareholder vote that confirmed Jay Hoag as the company's new chairman. Hastings co-founded Netflix and had served in a leadership capacity at the company for decades. The shareholder vote formalised the transition, completing Hastings's departure from the board. Hoag now holds the chairman position at one of the world's largest streaming platforms.

Hastings stepped back from the role of co-CEO in January 2023, handing day-to-day operational control to Greg Peters and Ted Sarandos. His exit from the board marks a full severance from Netflix's governance structure. Jay Hoag is a venture capitalist and co-founder of Technology Crossover Ventures, a firm that was an early investor in Netflix. Hoag had already been serving as a Netflix board member prior to his elevation to chairman.

The transition places Hoag at the head of a company that has undergone significant structural changes over recent years, including the introduction of an ad-supported subscription tier and changes to its password-sharing policy. Netflix has reported subscriber growth following those policy shifts, according to official figures. Hastings's departure closes a founding-era chapter in the company's board leadership. No further changes to the Netflix board composition were announced alongside the shareholder vote result.