Hastings, who pioneered the streaming era after founding Netflix in 1997, is succeeded as chair by Jay Hoag

Reed Hastings, founder of Netflix. [AP]
Reed Hastings, founder of Netflix. [AP]

Reed Hastings, who founded Netflix and reshaped the global content industry around streaming, is leaving the company entirely after 29 years.

Netflix reported to the SEC that it elected Jay Hoag, its lead independent director, as the new board chair at its annual shareholder meeting on Thursday, according to Reuters and Bloomberg.

Hoag has served on Netflix's board since 1999 and has invested in the company for years as co-founder of venture capital firm TCV.

Hastings stepped down as CEO in 2023 and is now departing as board chair as well.

He co-founded Netflix in California in 1997 with a former colleague. The company launched with a business model built around taking orders online and mailing DVD rentals to customers.

When high-speed internet became more widely available in 2007, Netflix introduced a movie streaming service — a move that upended a content market long dominated by broadcast and cable television.

Netflix grew rapidly on the strength of original content and global expansion. During the COVID-19 pandemic, a surge in demand for at-home entertainment helped cement its position as the world's largest streaming platform.

Hastings had stepped down as CEO in 2023, saying at the time that "founders need to evolve too." He formally announced plans to resign as chair in April, saying he intended to focus on philanthropy and other pursuits.


moon@heraldcorp.com