Hastings will not seek re-election at the company's annual meeting of shareholders in November, according to a Microsoft statement. The software maker's board will appoint a new lead independent director at that time, it said.
"I've decided to reduce the number of boards I serve on, so that I can focus on Netflix and on my education work," noted Hastings, in the statement. "I'm thrilled to have served on the board at such a pivotal time for Microsoft, including the development of Windows 8, Windows RT and Microsoft Surface, which will bring exciting new opportunities for customers and the industry as a whole."
Hastings also serves on the boards of Netflix and Facebook (FB), as well as Dreambox Learning, the Knowledge Is Power Program (KIPP), and the California Charter Schools Association (CCSA)."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," added Microsoft CEO Steve Ballmer, in the company's statement. Microsoft shares rose 0.2% to $29.34 in extended trading on Tuesday. Netflix shares, which have been on rollercoaster this week, were up 0.51% to $65.86 in after-hours trading. Shares of the Los Gatos, Calif.-based firm shot up following a Morgan Stanley (MS) upgrade on Monday, but closed off 10.87% during Tuesday's regular trading after Bank of America Merrill Lynch followed with a downgrade to underperform from buy. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV