Netflix director Jay Hoag fails to win reelection to board
Netflix Inc. shareholders overwhelmingly rejected the reelection of venture capitalist Jay Hoag to the board of the streaming company after he was called out for failing to attend enough meetings.
Hoag, a founding general partner of Menlo Park, California-based TCV, received 71.4 million votes backing his reelection and 259.9 million votes against, according to a Netflix filing Friday.
The proxy adviser ISS had urged investors to reject the nomination, saying Hoag didn't attend enough board meetings last year. The board didn't disclose a reason, ISS said. Netflix said he attended two of the four meetings.
Hoag served as the company's lead independent director and was chair of the board's nominating and governance committee, according to company filings. He has been a Netflix director since 1999.
In accordance with Netflix policy, Hoag offered his resignation on June 5. The board plans to respond in 90 days. Netflix declined to elaborate beyond the filing.
In April, the company revealed he planned to sell 127,000 shares of its stock.
Shares of Netflix fell less than 1% to $1,241.48 Friday in New York. They have gained 39% this year.
Golum writes for Bloomberg.
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