Netflix CEO Reed Hastings leaving Microsoft board

Netflix CEO Reed Hastings leaving Microsoft boardOn Tuesday, Netflix CEO Reed Hastings revealed in an announcement that he is leaving the Microsoft board of directors --- the departure, coming after Hastings' 5-1/2-year stint as a Microsoft board director, will take effect November 28; the day for which Microsoft's annual shareholders is scheduled.

About the reason behind his decision to quit the Microsoft board, 51-year-old Hastings - who owns approximately 226,000 shares of Microsoft stock presently valued at $6.6 million - said that the move will give him more time on the Netflix video subscription service.

With the subscription service currently facing a number of challenges, Hastings decision to leave the Microsoft board apparently stemming from his desire to bring back some of Netflix's lost charm on Wall Street.

During the course of Hastings' association with Microsoft as a director of the software company's board, the subscriber growth of Netflix witnessed a notable acceleration; thanks to the Internet-connection advantages linked to Microsoft's popular Xbox 360 video gaming console that could easily be plugged into TV, and via which Netflix started streaming movies and old TV shows from its library.

Noting that Hastings had been "a terrific board member," Microsoft CEO Steve Ballmer said in a statement: "His insights and experience have really helped guide us through a critical period of transformation for both Microsoft and the industry'".