Netflix CEO Reed Hastings announced plans to leave Microsoft’s board of directors yesterday, citing the need to cut back on his outside board seats.The move makes sense, because Hastings is in the middle of a tough fight to turn his company around after a price hike and an ill-considered plan to split its DVD-rental and video-streaming businesses tanked the stock last year.
Besides Microsoft, Hastings is also a director of Facebook, another company in the midst of a battle to show off its growth prospects and turn around its stock price.
We asked Netflix whether Hastings was leaving any other boards besides Microsoft.
“No,” Netflix chief communications officer Jonathan Friedland told us.
So Hastings is going to stay fairly busy.
Just not insanely busy, as he was when he was advising the world’s biggest software company and the world’s biggest social network.
Hastings, who served as the president of the California State Board of Education from 2000 to 2004, is also involved in several educational nonprofits.