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.
The 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.