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Netflix CEO Reed Hastings is planning to leave Microsoft’s board, the software maker announced.He joined Microsoft’s board in 2007 and he’s currently the lead independent director. He won’t stand for reelection at Microsoft’s next annual meeting of shareholders.
“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 also serves on the boards of Netflix and Facebook, as well as some educational nonprofits.
It makes sense for Hastings to focus on Netflix: The company has lost 80 per cent 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.