Reed Hastings Departing Microsoft Board9 Oct, 2012 By: Erik Gruenwedel
Netflix co-founder and CEO Reed Hastings has told Microsoft he will not seek re-election to the software behemoth’s board at this year’s shareholder meeting.
“I’ve decided to reduce the number of boards I serve on, so that I can focus on Netflix and on my education work,” Hastings said in a statement.
He currently serves on the boards of Netflix, Facebook, Microsoft, Dreambox Learning, the Knowledge Is Power Program and the California Charter Schools Association.
Hastings has been a member of Microsoft’s board since 2007 — a position that helped Netflix become an early app on Xbox 360 and generated more than 1 million Netflix streaming subscribers in less than a month.
He currently serves as the lead independent director on the board and will continue to serve through the annual shareholders meeting in November. The board will appoint a new lead independent director at that time.
“Reed has been a terrific board member, and his insights and experience have really helped guide us through a critical period of transformation for both Microsoft and the industry,” Steve Ballmer, CEO of Microsoft, said in a statement.