×

Netflix CEO Reed Hastings Is Leaving Facebook’s Board

Netflix CEO Reed Hastings is leaving Facebook’s board of directors, the social media giant announced Friday afternoon. Hastings, who had been on Facebook’s board since 2011, will not run for re-election at the company’s annual shareholder meeting, which is scheduled for May 30.

Former White House chief of staff Erskine B. Bowles will also be stepping down from Facebook’s board at that time. Bowles, who is also president emeritus of the University of North Carolina, had been a board member since 2011 as well.

Facebook announced one of their successors Friday: The company has nominated Peggy Alford, a senior Paypal executive, as one of its new directors. Alford, who would be the first African-American woman on the company’s board, has been in Facebook’s orbit for some time: Before rejoining Paypal in March, she served as the chief financial officer for the Chan Zuckerberg Initiative, Facebook CEO Mark Zuckerberg’s philanthropic organization.

“Peggy is one of those rare people who’s an expert across many different areas — from business management to finance operations to product development,” Zuckerberg said in a statement. “I know she will have great ideas that help us address both the opportunities and challenges facing our company.”

Popular on Variety

“What excites me about the opportunity to join Facebook’s board is the company’s drive and desire to face hard issues head-on while continuing to improve on the amazing connection experiences they have built over the years,” added Alford. “I look forward to working with Mark and the other directors as the company builds new and inspiring ways to help people connect and build community.”

Hastings’ departure in particular is not a huge surprise to industry observers. As the social media giant is dialing up its video ambitions, it is poised to more directly compete with Netflix among a growing pool of content buyers. Then again, this type of competition doesn’t always rule out board seats. Case in point: Disney CEO Bob Iger said this week that he would continue to serve on Apple’s board, even as the two companies compete for customers for their respective streaming services.

More Digital

  • Reed Hastings seen on day one

    Netflix CEO Reed Hastings' New Book Title, Release Date Announced

    Reed Hastings promises to share the untold story about how Netflix shifted its culture more than a decade ago — and pivoted from a DVD-by-mail company to a streaming giant — in a new book due out this spring. “No Rule Rules: Netflix and the Culture of Reinvention,” is set to be released May 12, [...]

  • A-ha - Take On Me Video

    A-ha's 'Take on Me' Tops 1 Billion YouTube Views, Second '80s Video to Hit Milestone

    Norwegian synthpop trio A-ha’s “Take On Me” has joined YouTube’s billion-views club. The iconic video from A-ha, which combines live action with pencil-sketch animation, is only the second song from the 1980s to reach the elite YouTube milestone, after Guns N’ Roses’ “Sweet Child O’ Mine” crested the one-billion-views mark last fall (and currently has [...]

  • Terms and Conditions

    YouTube Drives Into Feature Doc Space With Brian Hill's 'Terms and Conditions' (EXCLUSIVE)

    YouTube is driving into the feature documentary space with a bold new film on drill music from one of the U.K.’s most celebrated documentarians. The controversial genre represented in the Brian Hill-directed “Terms and Conditions: A U.K. Drill Story” has become inadvertently associated with violence and knife-crime in the U.K., and marks a daring step [...]

  • America Ferrera Gentrified Variety

    With ‘Gentefied,’ America Ferrera Brings a Series Unlike Any Other to Netflix

    America Ferrera had directed before, but not like this. She and her crew were shooting scenes from a massive burner party — think a miniature Burning Man, complete with drugs and costumes and bad dancing — for Netflix’s upcoming series “Gentefied.” Though she wouldn’t appear on camera, Ferrera was dressed for the occasion in a [...]

  • Alamo Drafthouse LA

    Alamo Drafthouse Unveils Monthly Subscription Service

    Alamo Drafthouse, the Texas-based cinema chain that popularized in-theater dining, is offering a subscription service to rival the AMCs and Regals of the exhibition industry. The company unveiled Season Pass, a monthly program that will be available to patrons in its 41 locations across the country. Season Pass will provide one regularly priced ticket per [...]

  • TV Decline Pay TV Placeholder

    Traditional Pay-TV Operators Lost 6 Million Subscribers in 2019 as Cord-Cutting Picks Up Speed

    The U.S. satellite and cable TV business declined at an unprecedented rate last year — with traditional pay-TV providers dropping a staggering 6 million customers, a 7% year-over-year decline. In the fourth quarter of 2019 alone, traditional TV distributors lost around 1.5 million subs, dropping to about 83 million total at year-end, according to estimates [...]

  • Onward Animated Film 2020

    ‘Onward’ Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by the always-on TV ad measurement and attribution company iSpot.tv, Disney Pixar claims the top spot in spending with “Onward.” Ads placed for the animated film had an estimated media value of $4.99 million through Sunday for 784 national ad airings on 35 networks. [...]

More From Our Brands

Access exclusive content