Facebook Adds PayPal Exec to Board as Netflix’s Hastings Leaves

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.

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