Reed Hastings Departs Netflix Board; Jay Hoag Appointed Chairman
By
Todd Spangler
Fresh out the oven, still warm. Top of the tray.
Summary
Netflix co-founder Reed Hastings has officially stepped down from the company's board of directors following the June 4 annual shareholders meeting. Hastings, who served as CEO for 25 years and led Netflix to become the world's leading premium streaming service, is leaving to focus on philanthropy and other personal pursuits, including a Utah ski resort he owns. Jay Hoag, Netflix's lead independent director who has served on the board since 1999, has been named chairman to replace Hastings.
Key quotes
· 3 pulledExecutive chairman Reed Hastings, the company's co-founder who served as CEO for 25 years and drove it to become the world's leading premium streamer, has officially departed the Netflix board
Netflix said Hastings is leaving the board 'to focus on his philanthropy and other pursuits'
With Hastings' departure, Hoag — Netflix's lead independent director who has served on the company's board since 1999 — has been named chairman
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