American streaming giant Netflix has appointed Jay Hoag, a former director, as chairman of the board, following the announced departure in mid-April of co-founder Reed Hastings. This was reported in a document filed Friday with the Securities and Exchange Commission (SEC). Netflix specified that the new chairman took office starting from the shareholders’ meeting held on Thursday.
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A board member since 1999, Jay Hoag has served as a lead independent director for over ten years. He also serves on the boards of Zillow, an online real estate portal, and Peloton, a company specializing in home fitness equipment.
Netflix had announced in mid-April the imminent departure of Reed Hastings, 65, at a crucial time for the company, which continues to show confidence in its future despite the failure of its multi-billion dollar bid to acquire Warner Bros Discovery. Hastings, who stated he wanted to dedicate more time to his philanthropic activities, had not held operational roles since leaving the position of co-CEO of the company in January 2023. He had founded Netflix with Marc Randolph in 1997.
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In the first quarter of 2026, Netflix reported a net profit of 5.28 billion dollars (approximately 4.58 billion euros), also supported by 2.8 billion dollars received as compensation for the breakdown of acquisition negotiations with Warner Bros Discovery, which would now be in the process of being acquired by Paramount Skydance.
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