Palo Alto, Calif. — Facebook has named Reed Hastings, the chairman and CEO of Netflix, to its board of directors. Hastings founded online DVD rental service Netflix in 1997, and has since grown the company’s membership base to more than 23 million in the U.S. and Canada.

“He has built a culture of continuous rapid innovation, something we share and work hard to build every day,” said Mark Zuckerberg, the founder and CEO of Facebook.

Forbes called the move “the latest indication of Facebook’s growing interest in bringing video streaming to its social network.”

For the past four years, Hastings has also been a board member at Microsoft, where he currently serves as lead independent director.

Other current Facebook board members include Marc Andreessen of Andreessen Horowitz; Jim Breyer of Accel Partners; Donald Graham, chairman and CEO of The Washington Post Company; and Peter Thiel of Clarium Capital and Founders Fund.

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