Netflix CEO Reed Hastings to depart Facebook's board as competition with Netflix heats up
On Friday, the company announced that Netflix CEO Reed Hastings will not be up for reelection for his role as a director on Facebook's board. The move comes as Facebook is investing more in original video content, potentially competing directly with Netflix. Hastings has served on the board since 2011.Facebook is reportedly spending around $1 billion on original programming and content deals for Facebook Watch, the video platform it launched in August 2018.
It announced in December that 400 million viewers watch at least one video on Facebook's Watch platform every month.Read MoreHastings was one part of broader changes to the company's board. Facebook said that Erskine Bowles, who has been on the board since 2011, would not be up for reelection. Facebook has also nominated Peggy Alford, an executive at PayPal, to join. Alford would be the first African American woman on the board, and the second African American overall.
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