Jay Hoag , who has served on Netflix ‘s board since 1999, failed to get reelected at the company’s annual shareholder meeting this week — and now the board must decide whether to keep him or let him go.

At Netflix’s June 5 annual meeting, 78% of the shares that were voted on Hoag’s reelection to the board were against him. As such, Hoag “offered his resignation from the board, conditioned upon board acceptance,” Netflix disclosed in an 8-K filing Friday .

Per the board’s policy, Netflix’s nominating and governance committee “will consider Mr. Hoag’s resignation and recommend to the board regarding whether to accept or reject the resignation or take other action.” The board “will act on the committee’s recommendation and publicly disclose its decision and rationale within 90 days fro

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