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What is the story about?
Netflix Inc. named Jay Hoag, founding general partner of the investment firm TCV, as chairman, to replace co-founder Reed Hastings, who left the board this week.
Hoag, 67, who also serves on the boards of Zillow Group Inc. and Peloton Interactive Inc., has been a Netflix board member since 1999. He had served as Netflix’s lead independent director, but the streaming TV giant said it no longer needed to fill that role with Hoag’s ascension to chairman.
Shareholders last year voted not to reelect Hoag after the proxy adviser Institutional Shareholder Services recommended they do so because of his poor attendance at board meetings in 2024. Netflix said he attended two of the four meetings that year. Hoag offered his resignation, but the board didn’t accept.
Netflix said he attended all board and committee meetings that he was eligible to attend in 2025, and that shareholders overwhelmingly reelected him this year.
Hoag, 67, who also serves on the boards of Zillow Group Inc. and Peloton Interactive Inc., has been a Netflix board member since 1999. He had served as Netflix’s lead independent director, but the streaming TV giant said it no longer needed to fill that role with Hoag’s ascension to chairman.
Shareholders last year voted not to reelect Hoag after the proxy adviser Institutional Shareholder Services recommended they do so because of his poor attendance at board meetings in 2024. Netflix said he attended two of the four meetings that year. Hoag offered his resignation, but the board didn’t accept.
Netflix said he attended all board and committee meetings that he was eligible to attend in 2025, and that shareholders overwhelmingly reelected him this year.
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