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Netflix, Inc.(NASDAQ:NFLX) Investors Propose CEO-Chairman Split

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By on Technology & Software

Netflix, Inc.(NASDAQ:NFLX) shareholders are to vote on a proposal to separate the roles of Chairman and CEO at an annual shareholders’ meeting on Monday, in an effort to increase the board’s independence and reduce management’s influence, the New York Times reported on Sunday. 

Currently, the roles of chairman and CEO are held by Netflix co-founder Reed Hastings. 

The proposal was made by two public pension funds: Calpers and a New York city pension fund represented by Scott M. Stringer. Proxy advisory firms Institutional Shareholder Services, and Glass Lewis & Company both support the separation. 

Netflix shareholders voted 73% in favor of a proposal to split the two roles at last year’s shareholder’s meeting. However, the company did not enact any policy changes, despite the landslide approval, the article noted. 

Stringer said, “a board that ignores its shareholders is a house of cards,” and added, “we want to make sure the company is operating at the highest possible level.” 

NFLX shares were down 0.9% in morning trade to $426.49, trading near the top end of the 52-week spread of $205.75 – $458.00. 

In an unrelated article, Variety claims that the second season of “Orange is the new Black” is more heavily anticipated than the second season of “House of Cards”. The second season of “Orange is the new Black” was released Friday morning. 

Given that there is no official viewership data on “Orange is the new Black”, Variety cites research firm ListenFirst which found that “Orange” has been trending much more than “Cards” over a four-week period on Facebook, Twitter and Wikipedia. 

In a new study, Leichtman Research Group found that nearly 80% of Netflix streaming users in the U.S. viewed the service on a TV set. 88% of users watched the service on a TV in 2010 and 85% of users did in 2012. 

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