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Netflix CEO Reed Hastings leaving Microsoft board

Netflix CEO Reed Hastings is giving up his seat on Microsoft's board of directors.

After a stint in excess of five years as a member of the board, Hastings announced earlier this week that he will not seek re-election for his current position as the lead independent director on the Microsoft board.

"I'm thrilled to have served on the board at such a pivotal time for Microsoft," Hastings said in a statement, citing the development of Windows 8, Windows RT, and the Microsoft Surface tablet, which he said "will bring exciting new opportunities for customers and the industry as a whole."

Hastings has decided to reduce the number of boards he serves on, in order to focus on Netflix and his work in education. He currently serves on the boards of Netflix, Microsoft, Dreambox Learning, the Knowledge Is Power Program, the California Charter Schools Association, and Facebook, which he joined in June 2011.

Microsoft CEO Steve Ballmer commended Reed on his work with the board, saying in a statement that "his insights and experiences have really helped guide us through a critical period of transformation for both Microsoft and the industry."

Hastings will continue to serve through the annual Microsoft shareholders meeting in November, at which time the board will appoint a new lead independent director.

The Microsoft board, which traditionally carries between nine and 11 members, has nominated nine directors for re-election, including Bill Gates, Ballmer, former JPMorgan Chase CFO Dina Dublon, Harvey Mudd College President Maria Klawe, former vice chairman of Bank of America Charles Noski, Virtual Instruments CEO John Thompson, and three others.

In September, Hasting's Netflix reported steady growth, reaching more UK subscribers than ever, according to research, meaning that the company seems to have rebounded nicely after the backlash surrounding 2011's price hike and Qwikster mess.