Netflix Appoints Ellie Mertz as CFO to Board, Declines Jay Hoag’s Resignation

Netflix is making some changes to its board, with a new addition and a surprising rejection. Jay Hoag, a longstanding board member, tried to resign, but Netflix said no thanks. Shareholders weren’t too keen on keeping him around, but Netflix decided it was best for the company. In contrast, Netflix welcomed Airbnb CFO Ellie Mertz to the board. She’s a former finance executive at Netflix, so she’s no stranger to the company. Mertz is taking over for Tim Haley, who’s been on the board for over 27 years and decided it was time to step down.
On top of all that, Leslie Kilgore, another Netflix exec, is moving to chair the compensation committee. And about those board meetings – Netflix board members usually attend 12 monthly and four quarterly meetings but in 2024, Hoag only made it to half of them, which didn’t sit well with shareholders. Netflix defended Hoag, saying his absence in 2024 wasn’t a sign of lost dedication. In fact, he was still very involved behind the scenes, helping out with meetings and setting agendas. So, even though shareholders had some concerns, Netflix is standing by Hoag. And to top it all off, he’s committed to being there more consistently moving forward. So, Netflix’s board is shaping up with a mix of familiar faces and new blood, ready to steer the company into the future.