Netflix Chief Reed Hastings Exits Facebook’s Board After 8 Years

Hastings “will not be nominated for re-election” at Facebook’s annual shareholder meeting, company says

Last Updated: April 12, 2019 @ 3:01 PM

Netflix CEO Reed Hastings is leaving Facebook’s board of directors after eight years, the company announced on Friday.

Hastings “will not be nominated for re-election at the 2019 annual meeting of stockholders,” which is typically takes place in May, the company said.

“Reed has served on the board since 2011 (8 years), and we thank him for his service,” a Facebook spokesperson told CNBC.

Netflix declined to comment on Hastings’ exit from the board. But an individual familiar with Hastings’ thinking told TheWrap that the decision was due to a combination of his having been on the board for long time and, to Facebook’s increasing move into video, which complicated Hasting’s involvement.

In addition to Hastings, Facebook said that Erskine Bowles, President Emeritus of the University of North Carolina, will also exit the board after serving for eight years.

Facebook also announced on Friday that Peggy Alford, PayPal’s senior vice president of Core Markets, has been nominated for a seat on the board.

“What excites me about the opportunity to join Facebook’s board is the company’s drive and desire to face hard issues head-on while continuing to improve on the amazing connection experiences they have built over the years,” Alford said in a statement. “I look forward to working with Mark and the other directors as the company builds new and inspiring ways to help people connect and build community.”

Alford also served as chief financial officer and head of operations for the Chan Zuckerberg Initiative, a philanthropic organization founded by Facebook CEO Mark Zuckerberg and his wife Priscilla Chan.

She previously held a variety of senior positions at PayPal from May 2011 to August 2017. And before that, Alford served as president and general manager of Rent.com, an eBay Inc. company, and also served as its Chief Financial Officer from October 2005 to March 2009. Alford currently serves as a member of the Board of Directors of the Macerich Company, a real estate investment trust. She holds a B.S. in accounting and business administration from the University of Dayton.