RESOLVING THE LEDGER
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After more than a decade serving on Netflix 's board of directors, Anne Sweeney is stepping down from the role.
The streaming giant said that Sweeney, formerly co-chair Disney Media Networks and president of Disney-ABC Television, resigned from the board as of July 26, per a filing with the Securities and Exchange Commission on Thursday.
Since exiting the Disney C-suite in early 2014 with plans to direct, Sweeney has served on multiple corporate boards including at toymaker Lego, the J. Paul Getty Trust and The Mayo Clinic. The exec previously held roles at Nickelodeon and FX before a run at Disney that included serving as chairman and CEO of the FX Networks.
Sweeney joined Netflix's board in March 2015, as the company was turbocharging its original programming efforts to build out a movie and television slate beyond licensed titles. Now the streaming giant, with more than 325 million subscribers, is in competition with the likes of YouTube and TikTok to command market share in the attention economy.
The Netflix board saw another major exit when founder Reed Hastings formally departed ahead of the company's annual meeting in June.
The company currently lists 11 members on its board of directors: Zillow mogul Rich Barton, Axel Springer chief Mathias Döpfner, board chair Jay Hoag, marketing exec Leslie Kilgore, telecom exec Strive Masiyiwa, former Pixar exec Ann Mather, ex-Airbnb exec Ellie Mertz, former ambassador Susan Rice and former Microsoft exec Brad Smith along with co-CEOs Ted Sarandos and Greg Peters.
Year-to-date, Netflix stock is down 20 percent as the company grapples with Wall Street anxiety over, in part, whether it's still a tech growth story or if it's now treated as a legacy media firm.
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