Netflix Investors Vote to Keep Reed Hastings Both CEO and Chairman

Netflix shareholders rejected a resolution Monday that would have split apart the company’s CEO and chairman functions, preserving Reed Hastings’ position in both roles.

Netflix has demonstrated extraordinary long-term success under the leadership of Reed and the board,” a Netflix rep said in a statement to the Wall Street Journal. The company declined to comment further.

SEE ALSO: Netflix Boosts CEO Reed Hastings Pay Package 50% in 2014 to $6 Mil

The non-binding vote was conducted at the Netflix annual shareholders meeting at the company’s headquarters in Los Gatos, Calif. Hastings co-founded Netflix in 1997, and has been chairman since its inception.

A proposal to separate the CEO and chairman roles was approved at Netflix’s 2013 shareholders meeting, but the board did not act on the resolution.

Also Monday, Netflix shareholders OK’d a proposal that requires an investor vote if the company wants to adopt a “poison pill” stockholder-rights plan, which is designed to prevent a hostile takeover. In December 2013, the company terminated its previous poison-pill provision after billionaire investor Carl Icahn cut his stake in the company in half.

UPDATE: On Tuesday, Netflix disclosed the results of the shareholder votes in a filing with the Securities and Exchange Commission. Of shares voted, 53% were against establishing an independent chairman (versus 27% on the 2013 resolution). Among other business, shareholders also officially re-elected Hastings to the board along with two independent directors: Technology Crossover Ventures general partner Jay Hoag and A. George “Skip” Battle, former exec chairman of Ask Jeeves.

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