Netflix CEO Reed Hastings Joins Facebook’s Board of Directors

Appointment comes as a reported IPO for the social network looms

Reed Hastings, chairman and CEO of Netflix, has joined Facebook's board of directors, Facebook announced on Thursday.

Hastings, who founded Netflix in 1997, also sits on the board of directors for Microsoft.
In making the announcement, Facebook founder and CEO Mark Zuckerberg said Hastings "has built a culture of continuous rapid innovation, something we share and work hard to build every day.”

Hastings noted that he's "looking forward to working with [Zuckerberg] and the rest of the board to help Facebook take advantage of all the opportunities ahead."

The Netflix honcho is coming aboard as Facebook is reportedly planning an initial public offering, likely for sometime next year.

Hastings, who founded Pure Software prior to launching Netflix, will be joined on the Facebook board by Zuckerberg; Marc Andreessen of Andreessen Horowitz; Jim Breyer of Accel Partners; Donald E. Graham, chairman and CEO of The Washington Post Company; and Peter Thiel of Clarium Capital and Founders Fund.