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Reed Hastings Stepping Down from Microsoft Board

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Reed Hastings Stepping Down from Microsoft Board
[ Business]

Netflix CEO Reed Hastings will not serve on Microsoft’s Board of Directors past November, as today to company announced that he will not seek re-election at their annual meeting of shareholders.

Microsoft says that Hastings will continue to serve his position as the lead independent director until the November meeting, at which time he will be replaced.

“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,” said Microsoft CEO Steve Ballmer.

“I’m thrilled to have served on the board at such a pivotal time for Microsoft, including the development of Windows 8, Windows RT and Microsoft Surface, which will bring exciting new opportunities for customers and the industry as a whole. I’ve decided to reduce the number of boards I serve on, so that I can focus on Netflix and on my education work,” said Hastings.

Hastings joined the board in 2007.

Microsoft isn’t the only high-profile board on which Hastings serves. He also holds a position on Facebook’s board. Facebook was pressured by equal rights groups to include a woman on their (up until recently) all-male board. In June, Facebook broke up the boys club with the addition of COO Sheryl Sandberg to the board. No word yet on if he plans to exit that board as well in order to focus on Netflix.

Here are the members who have been nominated for re-election to Microsoft’s board:

Bill Gates, chairman, Microsoft; Steve Ballmer, CEO, Microsoft; Dina Dublon, former chief financial officer, JPMorgan Chase; Maria M. Klawe, president, Harvey Mudd College; Stephen J. Luczo, chairman, president and CEO, Seagate Technology; David F. Marquardt, general partner, August Capital; Charles H. Noski, former vice chairman, Bank of America Corp.; Dr. Helmut Panke, former chairman of the board of management, BMW AG; and John W. Thompson, CEO, Virtual Instruments.

Reed Hastings Stepping Down from Microsoft Board
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