Netflix CEO Reed Hastings To Depart Facebook Board, PayPal Executive Nominated

Netflix Inc. CEO, chairman and co-founder Reed Hastings is leaving the board of Facebook, a role he’s served in since 2011.

Hastings and Erskine Bowles, president emeritus of University of North Carolina, will not be nominated for reelection to the board, Menlo Park-based Facebook said Friday.

Instead, the Menlo Park-based social media giant is nominating Peggy Alford, senior vice president of core markets at PayPal Holdings Inc., for election to the board at its annual shareholder meeting on May 30.

Until February, Alford had served for a year and a half as chief financial officer and head of operations for the Chan Zuckerberg Initiative, the philanthropic organization founded by Facebook CEO Mark Zuckerberg and his wife, Dr. Priscilla Chan. Before that, she held a variety of other leadership roles at PayPal, at Rent.com, and at eBay Inc. She also sits on the board of real estate investment trust The Macerich Co.

Alford “is one of those rare people who’s an expert across many different areas — from business management to finance operations to product development. I know she will have great ideas that help us address both the opportunities and challenges facing our company,” Zuckerberg said in a statement.

Facebook’s other board members are Zuckerberg and Facebook Chief Operating Officer Sheryl Sandberg, the venture capitalists Marc Andreessen and Peter Thiel, who were early Facebook investors; General Catalyst Chairman and Managing Director Kenneth Chenault; Susan D. Desmond-Hellmann of the Bill and Melinda Gates Foundation; and Jeffrey D. Zients, CEO of the Cranemere Group.―The Business Journals