Facebook, which is reportedly spending $1 billion on producing original content, has announced that Netflix CEO Reed Hastings will not rejoin the company's board as a director.
Peggy Alford, currently senior vice president of Core Markets for PayPal, will be nominated to join the board of directors, Facebook said on Friday.
Alford will become the first black woman to serve on Facebook's board, reports TechCrunch.
She has served as the Chief Financial Officer of the non - profit Chan Zuckerberg Initiative.
"Peggy is one of those rare people who's an expert across many different areas - - from business management to finance operations to product development, " said Facebook CEO Mark Zuckerberg.
Peggy said she "looks forward to working with Mark and the other directors as the company builds new and inspiring ways to help people connect and build community".
The social network is working on original programming for its Facebook Watch platform.