News Summary: Netflix CEO to quit Microsoft board

AP News
Posted: Oct 09, 2012 9:35 PM
News Summary: Netflix CEO to quit Microsoft board

LEAVING MICROSOFT: Netflix CEO Reed Hastings is quitting Microsoft's board of directors after 5 1/2 years. The departure announced Tuesday will become effective Nov. 28 when Microsoft Corp. is scheduled to hold its annual shareholders meeting.

KEY CONNECTION: While Hastings was a Microsoft director, Netflix Inc. began streaming movies and old TV series through Microsoft's Xbox 360 video game console. Because the Internet-connected Xbox could easily be plugged into television, the device helped accelerate Netflix's subscriber growth.

OTHER CHALLENGES Hastings said he decided to relinquish his Microsoft board seat so he could spend more time running Netflix's video subscription service.