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.

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