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Facebook names PayPal executive to board; Netflix CEO leaving

Netflix CEO Reed Hastings and former White House chief of staff Erskine Bowles are stepping down from Facebook’s board. (Source: File)

Facebook is nominating to its board of directors a PayPal executive who recently served as finance chief of the charitable organization run by CEO Mark Zuckerberg and his wife Priscilla Chan.

Peggy Alford would be the first African American woman to serve on Facebook’s board. Her naming follows pressure from civil rights groups on the company to persify its board.

Meanwhile, Netflix CEO Reed Hastings and former White House chief of staff Erskine Bowles are stepping down from Facebook’s board. Both served since 2011. Hastings leaves Facebook as the social media company is getting increasingly into video offerings, potentially competing with Netflix.

Disney CEO Bob Iger, however, said earlier Friday that he’s not leaving Apple’s board, despite both companies now streaming video.