Don't let it get away!
Help yourself with the Fool's FREE and easy new watchlist service today.
About an hour after market close last night, Microsoft (Nasdaq: MSFT ) issued a press release announcing changes to its board of directors. And that would be routine, expect for the man leaving: Reed Hastings, CEO of Netflix (Nasdaq: NFLX ) and a director since March 2007.
"Reed has been a terrific board member, and his insights and experience have really helped guide us through a critical period of transformation for both Microsoft and the industry," CEO Steve Ballmer said in the press release.
He didn't name a replacement in announcing the news, though Microsoft needs one: Hastings served as the company's lead independent director.
Either one of Mr. Softy's newest board members -- John W. Thompson, CEO of Virtual Instruments and former CEO of Symantec (Nasdaq: SYMC ) , and Steve Luczo, chief of Seagate Technology (Nasdaq: STX ) -- could fill the vacancy Hastings is leaving to address other matters.
"I've decided to reduce the number of boards I serve on, so that I can focus on Netflix and on my education work," Hastings said in the press release.
His agenda includes serving on the boards of Facebook (Nasdaq: FB ) and the non-profit Startup America Partnership. And then, of course, there is Netflix, which is battling not only a tough competitor in Amazon.com (Nasdaq: AMZN ) but also a tossed salad of divergent analyst views.
In the meantime, Mr. Softy will get by with nine board members, all of whom will seek re-election when the company holds its annual meeting in Bellevue, Wash., on Nov. 28. Ballmer could also use the event to name a new lead independent director.