Video streaming service Netflix has appointed long-time board member Jay Hoag as the chairman of its board of directors. He succeeds Netflix co-founder Reed Hastings. News agency Reuters reported this development.

Netflix announced on Friday that Jay Hoag assumed the role of chairman following the annual shareholders’ meeting held on June 4. Netflix had previously announced in April that Reed Hastings was stepping down from the company’s board of directors. He intends to devote more time to philanthropic activities and other personal endeavors in the future. Under Reed Hastings’ leadership, Netflix transformed from a mail-order DVD rental business into one of the world’s largest online streaming platforms.

He brought about a revolutionary change in the way people watch movies and television programs. Furthermore, Netflix achieved significant growth during the COVID-19 pandemic, a time when many entertainment companies were facing business challenges. Jay Hoag is also the co-founder of an investment firm that has been investing in Netflix for many years. He has served as a member of the Netflix board of directors since 1999 and has also worked as the lead independent director for over a decade. Currently, Jay Hoag also serves on the boards of Zillow Group, a real estate technology company, and Peloton Interactive, a provider of exercise equipment and digital fitness services.