Netflix has elevated longtime board member and lead independent director Jay Hoag to the position of Chairman, succeeding co-founder Reed Hastings, who has stepped down from the board after helping build the company into one of the world’s largest streaming platforms, Reuters reported.

The appointment was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) following Netflix’s annual shareholders meeting held on June 4. Hoag assumed the chairman role immediately after the meeting.

Hastings had announced earlier this year that he would be leaving the board to focus on philanthropy and other personal pursuits. His departure closes a significant chapter in Netflix’s history. Nearly three decades ago, Hastings co-founded the company, which began as a DVD-by-mail rental service before transforming into a global streaming powerhouse that reshaped how audiences consume television and films.

Under Hastings’ leadership, Netflix pioneered the streaming revolution and expanded into original content production, becoming a dominant force in the entertainment industry. The company also experienced significant growth during the COVID-19 pandemic, when demand for home entertainment surged worldwide.

Jay Hoag brings deep familiarity with Netflix’s business and governance. He co-founded Technology Crossover Ventures (TCV), a growth equity investment firm that has been a long-time investor in Netflix. Hoag has served on Netflix’s board since 1999 and has held the position of lead independent director for more than a decade.

His appointment reflects continuity in leadership at a time when Netflix continues to expand its global footprint and invest heavily in content, advertising, and live programming initiatives.

Apart from his association with Netflix, Hoag currently serves on the boards of several publicly traded companies, including Zillow Group and Peloton Interactive.

The leadership transition comes as Netflix remains one of the world’s most influential streaming services, competing aggressively in an increasingly crowded global entertainment market while continuing to grow its subscriber base and diversify revenue streams.