By Jeff Horwitz

Two of Facebook Inc.'s longest-serving board members will be stepping down as part of a shakeup of the company's governance announced Friday.

Netflix Chief Executive Officer Reed Hastings and former White House Chief of Staff Erskine Bowles won't be standing for re-election later this year, the company announced Friday.

Peggy Alford, a senior vice president at Paypal Holdings Inc., will be joining the board as its first African-American woman.

Messrs. Hastings and Bowles have served on the Facebook board since 2011. Only venture capitalist Marc Andreessen and investor Peter Thiel, two of the company's early backers, have served longer.

Before joining PayPal earlier this year, Ms. Alford was chief financial officer of the Chan Zuckerberg Initiative, the philanthropic organization of Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan.

(END) Dow Jones Newswires

April 12, 2019 17:55 ET (21:55 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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