Netflix appointed lead independent ​director Jay Hoag as chairman of ‌its board, succeeding Reed Hastings, who stepped down from the board of the streaming service he ​co-founded nearly three decades ago.

Here are some ​details on the move:

The streaming platform ⁠announced the move in an SEC filing on ​Friday, saying Hoag assumed the role following its ​annual shareholders meeting on June 4.

Netflix said in April that Hastings is quitting the company in order to ​focus on his philanthropy and other ​pursuits.

Hastings transformed Netflix from a DVDs-by-mail business to a ‌global ⁠streaming goliath that revolutionised the distribution of movies and television series.

He also steered it through the COVID-19 pandemic, which boosted its growth ​even as ​other entertainment ⁠companies struggled.

Hoag co-founded TCV, a growth equity firm, which has been an investor ​in Netflix for many years.

Hoag has ​served ⁠on Netflix’s board since 1999 and was the lead independent director for more than ⁠a ​decade.

He currently serves on the ​boards of Zillow Group and Peloton Interactive.