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Microsoft adds Netflix CEO to board of directors

The company will expand its board to 10 members and announces a 10-cent-per-share quarterly dividend.

Microsoft said Monday that it has increased its board of directors to 10 members, adding Reed Hastings, CEO and founder of Netflix. "Reed's track record for delivering innovative and disruptive technologies to market is very impressive," Microsoft Chairman Bill Gates said in a statement. Hastings will be added to the board's finance committee.

At its board meeting, Microsoft directors also approved a 10-cent-per-share quarterly dividend, to be payable June 14 to shareholders of record as of May 17.