In a press release issued after the close on Friday, Facebook (FB - Get Report) said that Hastings and Erskine B. Bowles, president emeritus of the University of North Carolina Chapel Hill, will not be re-nominated to serve on the company's board of directors. Peggy Alford, a senior vice president at PayPal (PYPL - Get Report) , has been selected for a board seat.
Hastings has served on Facebook's board since 2011, and Facebook did not give a specific reason for his departure.
Under the new board composition, Facebook's board will have eight directors. Other board members include Facebook COO Sheryl Sandberg and investors Marc Andreessen and Peter Thiel; the board is led by CEO and chairman Mark Zuckerberg.
Facebook shares were flat in after-hours trading on Friday and are up more than 36% so far this year.