Reed Hastings leaves Facebook's board of directors as competition with Netflix warms

Facebook would spend about $ 1 billion on original programming and content offerings for Facebook Watch, the video platform launched in August 2018.

Its original video content ranges from Jada Pinkett Smith's popular "Red Table Talk" talk show to the drama series "Sorry For Your Loss" starring Elizabeth Olsen. In February, the social media giant announced several new shows, including a redesigned version of the reality show "The Real World", in partnership with MTV. It also hosts YouTube shows created by content creators.

At a time when society is grappling with the release of controversial content on its core Facebook platform, including misinformation about elections, anti-vaccination content and hate speech, its efforts to create content seem to be a glimmer of hope. He announced in December that 400 million viewers were watching at least one video on the Facebook Watch platform each month.

Hastings was part of the larger changes to the company's board of directors. Facebook said Erskine Bowles, who has been on the board since 2011, would not be eligible for re-election. Facebook also nominated Peggy Alford, a leader of PayPal.

Alford would be the first African-American woman on the board and the second African-American. The former CEO of American Express, Kenneth Chenault, joined last year under pressure from activists to add a black representation on the whiteboard.

Alford previously worked for Chan Zuckerberg Initiative, a philanthropic organization owned by Facebook CEO Mark Zuckerberg, and his wife Priscilla Chan, before joining PayPal in March 2019. Previously, she had held various management positions at PayPal from 2011 to 2017.

"What fascinates me about the opportunity to join Facebook's board of directors, is the company's willingness to face tough issues while continuing to enhance the incredible experiences of connection that she has built over the years, "said Alford in a statement.

The appointment of Alford will be voted on at the next annual shareholder of the company meeting on May 30th.