Netflix names new board chair as co-founder departs

Netflix has named Jay Hoag as the chairman of its board of directors, the streaming giant said in a filing Friday with the US Securities and Exchange Commission (SEC), following the departure of co-founder Reed Hastings.

Hoag assumed the role after the company's annual shareholder meeting on Thursday, Netflix said.

The company said in April that Hastings would step down at the end of his term to "focus on his philanthropy and other pursuits."

Hastings co-founded Netflix nearly three decades ago, and served as CEO for 25 years.

Under his leadership, the company grew from a rent-by-mail DVD service to an entertainment powerhouse.

Hoag has served as the board's lead independent director for more than a decade and has been a director since 1999.

He also serves on the board for online real estate website Zillow and home-exercise company Peloton.