Reed Hastings, chief executive officer of Netflix, Inc. (NASDAQ:NFLX), decided to relinquish his seat in the board of directors of Microsoft Corporation (NASDAQ:MSFT).
The Netflix, Inc. (NASDAQ:NFLX) CEO decided he is no longer seeking reelection for his current position, as lead independent director, after serving the board of directors of Microsoft for more than 5 years. Hastings will remain in his position until the annual shareholders meeting of the software giant in November. The board of directors is expected to appoint his successor during the meeting.
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In a statement, Hastings said, “I’m thrilled to have served at such a pivotal time for Microsoft, including the development of Windows 8, Windows RT, and Microsoft Surface, which will bring exciting opportunities for customers and the industry as a whole.”
In addition, he explained that he decided to reduce the number of board seats he is serving on, in order to concentrate on Netflix, Inc. (NASDAQ:NFLX), and his work in education. Hastings is a member of the board of directors of the California Charter Schools Association, Dreambox Learning, the Knowledge Is Power Program, Microsoft Corporation (NASDAQ:MSFT), Facebook Inc (NASDAQ:FB), and Netflix, Inc. (NASDAQ:NFLX).
Hastings joined the board of directors of Microsoft in 2007, and became a member of Facebook’s board in June 2011.
Steve Ballmer, CEO of Microsoft, recognized Hastings’ contributions as lead independent director of the company’s board. He said, “Reed has been a terrific board member, and his insights and experiences have really helped guide us through a critical period of transformation for both Microsoft and the industry.”
Traditionally, Microsoft’s board of directors is composed of 9 and 11 members. The company nominated nine members for reelection, including Bill Gates, Steve Ballmer, Dina Dublon, former JPMorgan Chase & Co. (NYSE:JPM) CFO; Maria Klawe, president of Harvey Mudd College; Charles Noski, former vice chairman of Bank of America Corp (NYSE:BAC), and John Thompson; CEO of Virtual Instruments, among others.
Last week, investment analysts from Citigroup Inc. (NYSE:C) were bullish on Netflix stock. According to them, Netflix stock is a “screaming buy.”
T2 Partners Hedge fund manager, Whitney Tilson, also noted that Netflix, Inc. (NASDAQ:NFLX) has an encouraging potential to expand its business globally. He said, the company has a “light business model and can tap the large international markets.”