(Bloomberg) — Facebook Inc. nominated Peggy Alford, an executive at PayPal Holdings Inc., to its board while longtime directors Netflix Inc. Chief Executive Officer Reed Hastings and Erskine Bowles, a former chief of staff to President Bill Clinton, will step down.
Alford has been senior vice president, core markets, at PayPal since March after previously spending about 18 months as chief financial officer and head of operations for the Chan Zuckerberg Initiative, the nonprofit foundation of Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan.
Hastings and Bowles have been directors since 2011. The board election will be held at Facebook’s annual shareholder meeting scheduled May 30, the company said Friday in a filing.
Hastings is stepping down because he has had a long run on the board and as Facebook spends more time focused on video the social network is becoming more competitive with Netflix, said a person familiar with the decision who asked not to be identified because the issue is private. Facebook declined to comment.
Bowles, 73, couldn’t be reached for comment. “It is the general policy of our board of directors not to nominate directors who have reached the age of 72 for re-election, although the board of directors may determine to waive this policy in individual cases,” Facebook said in a separate filing on Friday.
(Updates with reason for Hastings’s departure in the fourth paragraph.)
To contact the editors responsible for this story: Jillian Ward at [email protected], Alistair Barr
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For more articles like this, please visit us at bloomberg.com” data-reactid=”48″>For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.