Netflix CEO to Step Down From Microsoft Board

NEW YORK ( TheStreet) -- Netflix ( NFLX) CEO Reed Hastings is stepping down from the board of Microsoft ( MSFT), the software giant confirmed after market close.

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.

>To submit a news tip, send an email to: tips@thestreet.com.

More from Technology

These 5 Tech Giants Still Aren't That Expensive

These 5 Tech Giants Still Aren't That Expensive

Intel CEO Brian Krzanich's Ouster Proves CEOs Aren't Above the Rules

Intel CEO Brian Krzanich's Ouster Proves CEOs Aren't Above the Rules

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

As Intel Loses Its CEO, How Well Can It Compete Against Nvidia?

As Intel Loses Its CEO, How Well Can It Compete Against Nvidia?

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In