Netflix has named lead independent director Jay Hoag as chairman of its board, marking a leadership transition after co-founder Reed Hastings stepped down from the streaming giant he helped build into a global entertainment powerhouse.

The appointment was confirmed in a filing with the U.S. Securities and Exchange Commission on Friday, following the company’s annual shareholders meeting on 4 June.

Hastings’ departure from the board comes after decades of leadership that reshaped Netflix from a DVD-by-mail service into one of the world’s most influential streaming platforms, transforming how audiences consume film and television content globally.

The company previously announced in April that Hastings would step away from board duties to focus on philanthropy and other personal initiatives.

Hoag, who has served on Netflix’s board since 1999 and as lead independent director for more than a decade, is also a co-founder of venture capital firm Technology Crossover Ventures (TCV), an early backer of the streaming company.

His elevation signals continuity in Netflix’s governance structure, with a long-time board member taking over leadership at a time when the company continues to expand its global streaming dominance and invest in new content and technology.

Beyond Netflix, Hoag sits on the boards of Zillow Group and Peloton Interactive.