Reed Hastings Named to Facebook Board

By Ed Silverstein June 24, 2011

As Facebook prepares for a possible IPO next year, the social media company has named Reed Hastings – chairman and CEO of Netflix – to its board of directors.

In his analysis of the move, Engadget’s Richard Lawler noted that Hastings “successfully navigated Netflix through the process of going public which many assume will be a next step for the social media giant, so his experience could come in handy.”

He is also on the board of Microsoft, which “owns a stake in Facebook,” Lawler said. He is currently lead independent director at Microsoft.

In addition, Hastings has actual experience running a well-known company.

In its analysis, The San Francisco Chronicle said Hasting’s appointment to the Facebook board may show “a deeper integration between the video-streaming giant and the world's biggest social network is near.”

Some of the other Facebook board members include: Marc Andreessen of Andreessen Horowitz; Jim Breyer of Accel Partners; Donald E. Graham, chairman and CEO of The Washington Post Company; and Peter Thiel of Clarium Capital and Founders Fund.

“Reed is an entrepreneur and technologist who has led Netflix to transform the way people watch movies and TV,” Mark Zuckerberg, founder and CEO of Facebook, as well as a company board member, said in a company statement. “He has built a culture of continuous rapid innovation, something we share and work hard to build every day.”

“Facebook is propelling a fundamental change in how people connect with each other and share all kinds of content,” Hastings explained in the statement. “I'm looking forward to working with Mark and the rest of the board to help Facebook take advantage of all the opportunities ahead.”

Facebook may have a valuation as high as $100 billion, according to TechZone360.

Netflix has over 23 million members in the United States and Canada. Hastings founded the company in 1997, and it is now the leading Internet subscription service for movies and TV shows.

Previously, Hastings founded Pure Atria Software. Hastings was also president of the California State Board of Education between 2000 and 2004.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO West 2011, taking place Sept. 13-15, 2011, in Austin, Texas. ITEXPO offers an educational program to help corporate decision makers select the right IP-based voice, video, fax and unified communications solutions to improve their operations. It's also where service providers learn how to profitably roll out the services their subscribers are clamoring for – and where resellers can learn about new growth opportunities. To register, click here.



Ed Silverstein is a TechZone360 contributor. To read more of his articles, please visit his columnist page.

Edited by Jennifer Russell

TechZone360 Contributor

SHARE THIS ARTICLE
Related Articles

Bloomberg BETA: Models Are Key to Machine Intelligence

By: Paula Bernier    4/19/2018

James Cham, partner at seed fund Bloomberg BETA, was at Cisco Collaboration Summit today talking about the importance of models to the future of machi…

Read More

Get Smart About Influencer Attribution in a Blockchain World

By: Maurice Nagle    4/16/2018

The retail value chain is in for a blockchain-enabled overhaul, with smarter relationships, delivering enhanced transparency across an environment of …

Read More

Facebook Flip-Flopping on GDPR

By: Maurice Nagle    4/12/2018

With GDPR on the horizon, Zuckerberg in Congress testifying and Facebook users questioning loyalty, change is coming. What that change will look like,…

Read More

The Next Phase of Flash Storage and the Mid-Sized Business

By: Joanna Fanuko    4/11/2018

Organizations amass profuse amounts of data these days, ranging from website traffic metrics to online customer surveys. Collectively, AI, IoT and eve…

Read More

Satellite Imaging - Petabytes of Developer, Business Opportunities

By: Doug Mohney    4/11/2018

Hollywood has programmed society into believing satellite imaging as a magic, all-seeing tool, but the real trick is in analysis. Numerous firms are f…

Read More