WASHINGTON : Netflix announced that Jay Hoag assumed the role of chairman following the company’s annual shareholder meeting held on June 5. The appointment comes after Reed Hastings, who co-founded the company nearly three decades ago, concluded his term on the board.

Hastings had earlier announced his decision to step down, stating that he intends to dedicate more time to philanthropic initiatives and other interests. Widely regarded as the driving force behind Netflix’s transformation, Hastings served as the company’s Chief Executive Officer for 25 years, overseeing its evolution from a DVD-by-mail rental service into one of the world’s leading entertainment and streaming platforms.

Jay Hoag is no stranger to Netflix. He has been a member of the board since 1999 and served as the company’s lead independent director for more than a decade. His extensive experience in corporate governance and technology investments is expected to provide continuity as Netflix navigates the next phase of its growth.

Beyond Netflix, Hoag also serves on the boards of online real estate platform Zillow and fitness technology company Peloton.

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