Netflix Shares Rise 0.8% as Jay Hoag Becomes Chairman

Netflix appointed longtime director Jay Hoag as board chairman on June 5, succeeding co-founder Reed Hastings after the June 4 annual meeting. The transition, disclosed in an SEC filing, reflects a planned governance update rather than a strategic shift. Hoag, a director since 1999 and lead independent director for over a decade, also serves on the boards of Zillow and Peloton. Hastings stepped down to focus on philanthropy. Shares edged up modestly to around 82.18, up 0.76-0.8%, signaling investor comfort with the continuity.