Netflix CEO Hastings to Step Down from Microsoft Board of Directors
By Rob Scott
October 11, 2012
October 11, 2012
- Netflix CEO Reed Hastings will vacate his seat on Microsoft’s board of directors next month. Microsoft announced yesterday that Hastings has decided to not seek re-election at the company’s 2012 annual meeting of shareholders.
- Hastings is currently the lead independent director on Microsoft’s Board. After he steps down, Microsoft will appoint his replacement.
- “I’ve decided to reduce the number of boards I serve on, so that I can focus on Netflix and on my education work,” explained Hastings in a statement.
- He also serves on the board of directors at Facebook, Netflix and some educational nonprofits.
- “It makes sense for Hastings to focus on Netflix: The company has lost 80 percent of its value since last summer, when it unveiled a price hike and a plan, since abandoned to separate its online video-streaming and DVD rental businesses,” reports Business Insider.
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