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Netflix CEO to step down from Microsoft's board

NEW YORK Netflix (NFLX) CEO Reed Hastings is stepping down from Microsoft's board of directors next month.

Hastings says he will end his five-and-half-year stint on the software maker's board to concentrate on running Netflix at a time the video subscription service is facing an assortment of challenges threatening its future growth.

The 51-year-old Hastings will leave the board when Microsoft (MSFT) holds its annual shareholder meeting Nov. 28.

Hastings' departure will create an opening for a new lead independent board member. Microsoft plans to fill that void at its annual meeting.

After Hastings leaves, Microsoft will have nine directors.

Hastings will still serve on several other boards, including Netflix's and Facebook's (FB).