Netflix's Reed Hastings leaving Microsoft's board

Hastings, saying he needs more time to work on Netflix, will not seek re-election at Microsoft's shareholder meeting in November.

Reed Hastings CNET/James Martin

Netflix founder and CEO Reed Hastings, who has been of the board of Microsoft since 2007, will not seek re-election at the company's shareholder meeting next month, Microsoft announced. Hastings, who is 52, serves as the lead independent director of Microsoft's board.

In a statement, Microsoft CEO Steve Ballmer said, "Reed has been a terrific board member, and his insights and experience have really helped guide us through a critical period of transformation for both Microsoft and the industry."

For his part, Hastings said that he was reducing the number of boards he sits on so that he can focus his work with education and on Netflix, which, to put it mildly, is going through tumultuous times . In addition to Netflix and Microsoft, Hastings serves on the boards of Facebook, Dreambox Learning, the Knowledge Is Power Program (KIPP), and the California Charter Schools Association (CCSA).

A spokesman for Microsoft provided no additional details.

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