Latest news with #Hoag
Business Insider
5 days ago
- Business
- Business Insider
TCV cofounder Jay Hoag slams VCs' AI herd mentality: 'like 7-year-olds playing soccer'
Veteran venture capitalist Jay Hoag thinks the AI investing hype has gone too far. The TCV cofounder criticized what he sees as VCs' blind rush toward AI. "Money sort of chases momentum or follows perceived momentum," he said on an episode of the "Invest Like The Best" podcast published Tuesday. "At the risk of insult, possibly like 7-year-olds playing soccer — the ball goes over there, everybody goes over there," Hoag said. Hoag said that the hyperfocus on AI and software as a service is diverting attention and capital away from other viable sectors, especially consumer internet, which he believes still has untapped potential. AI is "super shiny" and "super interesting," he said. "I just have a hard time believing there are not going to be any new consumer internet businesses founded and built over the next 10 or 20 years," he added. "I kind of wish that the AI enthusiasm hadn't distracted everybody." Hoag has spent over four decades in tech investment. He cofounded TCV in 1995 and chairs its investment committee. The firm has backed some of Silicon Valley's biggest wins, including Netflix, Expedia, Peloton, Spotify, and Zillow. Hoag also expressed concern about the "enormous" sums poured into startups during the 2020-2021 tech boom. "I've worried a little bit about some of the 2020-2021 capital — which is an enormous sum — being, by and large, broken capital," he said. "I wish there was a little bit more modesty in our business." Hoag did not respond to a request for comment from Business Insider. AI hype train In the first quarter, more than half of VCs' investments went to AI and machine learning startups, per PitchBook. Last year, global investments in the sector totaled $131.5 billion, up more than 50% from 2023, PitchBook's data showed. Hoag isn't the only investor sounding the alarm bells. Daron Acemoglu, an MIT economist, told Bloomberg in an interview last year that the hype surrounding AI may not meet its lofty expectations. "A lot of money is going to get wasted," Acemoglu said. Veteran VC Vinod Khosla said in 2023 that most startups were overvalued and that most investments in AI "will lose money."
Los Angeles Times
06-06-2025
- Business
- Los Angeles Times
Netflix director Jay Hoag fails to win reelection to board
Netflix Inc. shareholders overwhelmingly rejected the reelection of venture capitalist Jay Hoag to the board of the streaming company after he was called out for failing to attend enough meetings. Hoag, a founding general partner of Menlo Park, California-based TCV, received 71.4 million votes backing his reelection and 259.9 million votes against, according to a Netflix filing Friday. The proxy adviser ISS had urged investors to reject the nomination, saying Hoag didn't attend enough board meetings last year. The board didn't disclose a reason, ISS said. Netflix said he attended two of the four meetings. Hoag served as the company's lead independent director and was chair of the board's nominating and governance committee, according to company filings. He has been a Netflix director since 1999. In accordance with Netflix policy, Hoag offered his resignation on June 5. The board plans to respond in 90 days. Netflix declined to elaborate beyond the filing. In April, the company revealed he planned to sell 127,000 shares of its stock. Shares of Netflix fell less than 1% to $1,241.48 Friday in New York. They have gained 39% this year. Golum writes for Bloomberg.
Yahoo
06-06-2025
- Business
- Yahoo
Netflix Shareholders Vote Out Board Member, Venture Capital Investor Jay Hoag In Rare Repudiation, Streamer Considering Whether To Accept His Resignation
In a year marked by some high-profile instances of shareholder activism, Netflix stockholders have voted director Jay Hoag, a venture capital investor, off the board. The vote follows a recommendation by leading proxy advisory firm Institutional Shareholder Services. ISS, which issues deep-dive analyses of issues up for vote at the annual meetings of many public companies, including the election of directors, had recommended a vote against Hoag for poor attendance – or failing to show up for at least 75% of his total board and committee meetings in 2024 without disclosing the reason for the absences. More from Deadline Runway's AI Film Festival, On Hallowed Ground At New York's Lincoln Center, Honors 'Total Pixel Space' 'The Bold And The Beautiful' Leaving Television City After 38 Years, Will Continue To Film In Los Angeles Gavin Newsom Suggests That "Maybe It's Time" To Cut Off California's Share Of Federal Taxes Amid Report That Trump Seeks To Cancel State Grants He received just 21.6% support among votes cast, a rare instance of shareholders rejected a board candidate. Earlier this week, Warner Bros. Discovery shareholders voted in large numbers against the company's compensation of its top executive officers led by CEO David Zaslav. His $51.9 million package did not pass a so-called say-on-pay vote, which is non binding but a definite red flag. 'Jay Hoag failed to attend at least 75 percent of the total meetings of the board and committee on which he served during the fiscal year under review. Specifically, Hoag only attended 50 percent of such meetings. The board did not disclose the reason for his absences. Directors who do not attend their board and committee meetings cannot be effective representatives of shareholders. When a director fails to attend at least 75 percent of the aggregate of his or her board and committee meetings, adverse vote recommendations will be issued with respect to that director in the absence of a valid reason. Accordingly, support for Jay Hoag is not considered warranted due to poor attendance,' ISS wrote in its report last month ahead of the June 5 shareholder meeting. Netflix noted today in an SEC filing that Hoag 'did not receive a majority of votes cast in his election to the board of directors. In accordance with the Company's director resignation policy, on June 5, 2025, Mr. Hoag offered his resignation from the Board, conditioned upon Board acceptance. In accordance with the Resignation Policy, the Nominating and Governance Committee of the Board 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 from the date the election results are certified.' The results of the shareholder vote set out in the filing showed 71.4 million votes for and almost 260 million votes against the director, who also sits on the boards of Peloton, Zillow and TripAdvisor. At Netflix, he served as the lead independent director serving on the nominating committee and governance committee, where he was the chair. He's been a Netflix board member since 1999. 'As a venture capital investor, Mr. Hoag brings strategic insights and financial experience to the Board. He has evaluated, invested in and served as a board member for numerous companies, both public and private, and is familiar with a full range of corporate and board functions. His many years of experience in helping companies shape and implement strategy provide the Board with unique perspectives on matters such as risk management, corporate governance, talent selection and management,' read the Netflix proxy, an annual filing where companies lists all the directors up for reelection. Hoag has also been a technology investor and venture capitalist for more than 40 years, the giant streamer noted, ' involved in numerous technology investments, including Actuate Software (acquired by OpenText), Airbnb, Ariba (acquired by SAP), Altiris (acquired by Symantec), BlueCoat Systems (formerly CacheFlow), C|NET, eHarmony, Electronic Arts, Encompass (acquired by Yahoo!), EXE Technologies (acquired by SSA Global), Expedia, Facebook, Fandango (acquired by Comcast), Groupon, LinkedIn, ONYX Software, Peloton, Prodege (parent company of Swagbucks & acquired by a private equity firm), RealNetworks, Sportradar, Spotify, SpringStreet (acquired by Strava, TechTarget, TripAdvisor, (acquired by Expedia), Viant (acquired by iXL), and Zillow.' Best of Deadline 2025 TV Series Renewals: Photo Gallery 2025 TV Cancellations: Photo Gallery 'Stick' Soundtrack: All The Songs You'll Hear In The Apple TV+ Golf Series Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
01-05-2025
- Business
- Business Wire
Travel + Leisure Co. Appoints Erik Hoag as New Chief Financial Officer Amid Strategic Growth and Brand Portfolio Expansion
ORLANDO, Fla.--(BUSINESS WIRE)-- Travel + Leisure Co. (NYSE:TNL), a leading leisure travel company, today announced the appointment of Erik Hoag to Chief Financial Officer (CFO). Mr. Hoag joins the company's Executive Committee at a pivotal time of strategic growth and multi-brand expansion, replacing outgoing CFO Mike Hug, who is retiring after 26 years. As the new CFO, Hoag will be responsible for leading the company's global finance organization including accounting and controls, financial planning and analysis, treasury, tax, investor relations, consumer finance, and all operational finance activities. With more than 25 years of financial leadership expertise, Hoag has an exceptional record of scaling businesses and building long-term value creation through strategic financial planning, capital allocation, and mergers and acquisitions. "Erik brings a unique blend of financial acumen, operational discipline, and strategic insight that will be instrumental as we continue to expand our portfolio and enter new markets," said Michael D. Brown, president and CEO of Travel + Leisure Co. "We are thrilled to welcome him to our leadership team during this exciting period of growth." Prior to joining Travel + Leisure Co., Hoag served as Chief Financial Officer and Chief Integration Officer of FIS, a leading global provider of technology solutions for banks, corporates and capital market firms. During his nearly two-decade tenure, he played a pivotal role in several significant milestones, including dozens of acquisitions, the sale of the merchant acquiring business of FIS to private equity firm GTCR in 2023, and most recently, a $12 billion business acquisition from Global Payments. Hoag was also member of the Board of Directors of private equity-owned Capco until their sale to Wipro in 2021. He has also held leadership positions in finance at Bank of America, Truist, and HSBC. "I'm excited to join Travel + Leisure Co. at such a dynamic moment in its evolution,' said Hoag. 'The company's vision, momentum, and expanding brand portfolio present an incredible opportunity, and I look forward to partnering with the team to drive continued success.' Since the acquisition of the Travel + Leisure brand in 2021, Travel + Leisure Co. has continued to execute its vision to expand its brand portfolio across the vacation ownership industry and into the broader travel landscape. In addition to operating its existing Club Wyndham, WorldMark by Wyndham, and Margaritaville Vacation Club brands, the company acquired notable brands including Accor Vacation Club (2024) and Sports Illustrated Resorts (2023). The company's multi-brand strategy positions it for continued market leadership and innovation. About Travel + Leisure Co. Travel + Leisure Co. (NYSE:TNL) is a leading leisure travel company, providing more than six million vacations to travelers around the world every year. The company operates a portfolio of vacation ownership, travel club, and lifestyle travel brands designed to meet the needs of the modern leisure traveler, whether they're traversing the globe or staying a little closer to home. With hospitality and responsible tourism at its heart, the company's nearly 19,000 dedicated associates around the globe help the company achieve its mission to put the world on vacation. Learn more at
CNN
26-04-2025
- Sport
- CNN
The best things come to those who wait. Here's why being Mr. Irrelevant in the NFL draft is priceless.
If you're not first, the saying goes, you're last. But in the case of the annual NFL draft, finishing dead last is by no means a bad thing at all. In fact, being selected as the very last guy on Saturday night provides access to a unique club and the most unlikely football fraternity, just as long as you don't mind a seemingly demeaning title: Mr. Irrelevant. Anyone who's been drafted by an NFL team will tell you that it's both an exhilarating and nerve-shredding experience; sitting anxiously by the phone, waiting for it to ring and hoping that you won't be completely overlooked. When wide receiver Ryan Hoag was drafted in 2003, the lunchroom at his liberal arts school in Minnesota was turned into a party scene. His cell phone was connected to the loudspeakers and hundreds of friends and family were in attendance. 'They made a real big deal about it,' he recalled to CNN, 'which was really fun until we're six hours in and my name hasn't been called, and now I feel awful.' In the buildup to the draft, Hoag had seen his name featured on ESPN as one of the players to watch, but as Saturday wore on, he began to lose hope. Hoag says he'd given up 15 picks before the end of the final round, but then the phone rang, and the Oakland Raiders coach Bill Callahan was on the line. 'He said, 'Would you like to be Mr. Irrelevant?' And the whole place just went nuts,' he recalled. 'It was like your team had just won the Super Bowl. Everybody just jumped up and screamed. My visceral response was to hang up the phone and celebrate with all my people.' At some point in the mayhem, Hoag's friend and teammate drew attention to the fact that the number of his selection, 262 out of 262, came with additional benefits. 'He's like, 'dude! I think Mr. Irrelevant wins a million dollars and a trip to Hawaii!,'' Hoag said, That wasn't quite true, but he was about to embark on the trip of a lifetime. Hoag said that he didn't know much about Mr. Irrelevant, but he'd at least heard of it. In 1992, when Michigan's guard and center Matt Elliott was drafted as the 336th pick, he had no idea. 'This was truly the last years before the internet,' he joked to CNN. 'I think it was (Washington) coach Joe Gibbs who told me, 'Some people from California are going to call you, it's called Irrelevant Week. It's gonna be fun. Just understand that it's gonna be fun!'' Historically, most players who'd been picked last didn't have much of a career in the NFL, in fact many never even played a game. So, in 1976, the late Paul Salata decided that he wanted to give them something to smile about. He had been a 10th round pick as a receiver in 1951, scoring four NFL touchdowns in a fleeting professional career. But his greatest contribution to the league began when he invited the 487th pick Kelvin Kirk to Newport Beach in California. 'Mr Irrelevant' and 'Irrelevant week' had been born; it's since become one of the most endearing concepts in sports. 'With the exception of maybe the first round,' Hoag posited, 'I don't know that anybody in their right mind would be drafted anywhere other than Mr. Irrelevant. My mom still jokes about it to this day, it was this out of body experience for our family, we were treated like royalty for the entire week.' The event is now run by Salata's daughter, who told CNN that planning for the week begins from backstage as soon as the draft is over. Irrelevant Week takes place in Newport Beach, California, featuring a parade in honor of the draftee, a 'roast and toast' dinner and a golf tournament. The festivities are tailored to each athlete, and they are encouraged to submit a wish list. 'Many players have never seen the ocean before,' Melanie Pong Salata told CNN. 'The player usually wants a surfing lesson, so we have famous surfers teach him while a party is happening on the beach.' There are VIP trips to Disneyland and the Playboy Mansion, players have met celebrities like Will Farrell and Jimmy Kimmel and driven the cars of their dreams. As a single man, Hoag appeared on 'The Bachelorette' reality TV show. 'I just remember sitting up there on one of those big lifeguard chairs on the beach,' quipped the 2009 Mr. Irrelevant Ryan Succop to CNN, 'all these people are celebrating you and bringing you gifts and I'm kind of sitting there going, 'Man, what in the world am I doing?'' At the end of the week, the players leave Newport Beach with more than just fond memories. Stuffed into their luggage is the Lowsman Trophy, a tongue in cheek reference to the Heisman Trophy given to the best NCAA player every season; the player depicted is fumbling the ball. 'Most people would think it's the hollow plastic that you get at a sporting goods store,' explained Hoag. 'Nah, this thing's bronze. It's 10 pounds. This is the real deal my friend, it's hilarious. I love it!' Every Mr. Irrelevant is encouraged to show some humility and to lean into the spirit of the event, but the dubious honor doesn't necessarily signify the end of their professional dreams. The 1994 draftee Marty Moore played alongside Tom Brady in his first Super Bowl victory in 2002. Kicker Succop played alongside Brady in his final Super Bowl triumph for the Tampa Bay Buccaneers in 2021, whilst the 262nd pick in 2022, Brock Purdy, played in the Super Bowl for the 49ers just two years later. Youngsters in the school yard might have an idea of what it's like to be picked last – it can be humiliating. But the Mr. Irrelevants say there is no shame, because they are selected ahead of potentially a hundred other college players who aren't selected at all. Just a few hundred players are drafted every year. 'You're more likely to be struck by lightning than drafted in the NFL,' said Hoag. 'That's pretty special.' 'I didn't really care how I got my start,' said Succop, who knew that as a kicker who'd be a late round pick at best. 'It does not matter how or where you get your start, what matters is the way you prepare, and when your opportunity comes, are you ready? Use this opportunity, don't take the irrelevant title as a negative.' Succop says that whenever he played, he always knew if there was a Mr. Irrelevant on the opposing team and they'd be sure to connect before or after the game. Many still attend the events in Newport Beach and have formed lifelong friendships, and they are always rooting for each other. Matt Elliott says he only cares about two picks in every draft these days, the first and the last. Asked to put a value on the experience and benefits of being Mr. Irrelevant, he said it was priceless. What started out as a gentle tease half a century ago has turned into something uniquely wonderful. Crediting the founder Paul Salata, Hoag said, 'He was just like, let's celebrate somebody, and do something nice for somebody, for no reason. Especially in this day and age of dog eat dog, when everything's politicized and negative, you need more of people wanting to lift up others for no other reason. It's nice to have a breath of fresh air.' 'This is the one thing that will never happen to you again and it's only happened to 49 people in the world, so live it up.'
