Reed Hastings, the co-founder of Netflix and its executive chairman, officially departs the company’s board following the June 4 annual shareholders meeting, according to multiple reports. Hastings has been a central figure at Netflix since launching the business nearly three decades ago, including serving as CEO for about 25 years before shifting into an executive chairman role. Netflix previously indicated that Hastings would step away from board responsibilities. Confirmation of the change is reflected in company disclosures tied to shareholder meeting results. In an SEC filing, Netflix reports the outcomes of the annual meeting and indirectly confirms Hastings’ exit through the updated board leadership described in connection with the vote. Venture capitalist Jay Hoag, who is characterized across reporting as a longtime Netflix investor and a member of the board, is elected to lead as chairman. The transition reflects a board-level change in Netflix’s governance, with Hoag taking over the chairman role after the shareholder vote that finalized the updated leadership structure.