Netflix has named Jay Hoag as chairman of its board of directors, replacing Reed Hastings, who co-founded the company nearly 30 years ago and has now stepped down to focus on philanthropy. Hoag, who has served on Netflix's board since 1999 and was its lead independent director for over a decade, assumed the role following the company's annual shareholders meeting on 4 June, according to an SEC filing. The transition marks the end of an era for the streaming giant, as Hastings oversaw Netflix's transformation from a DVD-by-mail service into a global entertainment powerhouse that reshaped how films and television are distributed worldwide. Hoag is the co-founder of TCV, a growth equity firm that has long been an investor in Netflix.