Netflix: Jay Hoag appointed president, succeeds co-founder Reed Hastings
A member of the board since 1999, Jay Hoag has served as an independent director for over ten years
US streaming giant Netflix has appointed Jay Hoag, a former director, as chairman of the board of directors, following the exit announced in mid-April of co-founder Reed Hastings. This was reported in a document filed on Friday with the Securities and Exchange Commission (Sec). Netflix pointed out that the new chairman took office as of the shareholders' meeting held on Thursday.
A board member since 1999, Jay Hoag has served as an independent director of reference for more than ten years. He also serves on the boards of Zillow, an online real estate portal, and Peloton, a company specialising in home exercise equipment.
Netflix announced in mid-April the imminent departure of Reed Hastings, 65, at a crucial stage for the company, which remains confident about its future despite the failure of its multi-trillion dollar bid to acquire Warner Bros Discovery. Hastings, who said he wanted to devote more time to his philanthropic activities, had not held any operational roles since he stepped down as co-CEO of the company in January 2023. He had founded Netflix together with Marc Randolph in 1997.
In the first quarter of 2026, Netflix reported a net profit of USD 5.28 billion (around EUR 4.58 billion), also supported by the USD 2.8 billion received as compensation for the break-up of acquisition negotiations with Warner Bros Discovery, which is now reportedly in the process of being acquired by Paramount Skydance.
