Netflix announced on Thursday that Peter Rice, a former Disney executive, will succeed Bela Bajaria as the company’s chief content officer, effective October 26. The move comes one day after Netflix disclosed plans to lay off approximately 6% of its workforce, amounting to roughly 1,000 employees, marking its largest job cuts since 2022.
Rice, who previously served as chairman of Walt Disney Television and chairman of general entertainment at The Walt Disney Company, will oversee Netflix’s global content strategy, including scripted and unscripted series, films, and live events. In a statement, Netflix co-CEO Ted Sarandos described Rice as “one of the most effective at-scale operators in the entertainment industry.” Rice himself highlighted Netflix’s willingness to “take chances on distinctive voices and fresh ideas.”
Bajaria, who joined Netflix in 2016 and was named chief content officer in January 2023, played a key role in expanding the platform’s international reach and live programming. Under her leadership, Netflix released global hits such as Bridgerton and Squid Game and secured multi-year partnerships with the WWE and the NFL. Sarandos expressed gratitude for her contributions, stating, “I’m incredibly grateful for everything she’s done to help Netflix entertain the world.” Bajaria did not respond to requests for comment.
The leadership transition and layoffs reflect broader challenges Netflix faces in sustaining growth amid increasing competition from platforms like YouTube and TikTok, which attract viewers through free, user-generated content. Netflix’s stock has declined more than 20% this year, though it remained relatively unchanged in extended trading on Thursday. The company is scheduled to report its next quarterly earnings on Tuesday.
Rice’s appointment underscores Netflix’s strategy to leverage his experience in scaling content operations, having previously held roles at 21st Century Fox and Fox Searchlight Pictures. His responsibilities will include overseeing Netflix’s global content organization, with a focus on delivering “more of the stories [members] love,” as stated in his announcement.
The layoffs, announced in an internal memo, represent a significant shift in Netflix’s workforce management, following previous reductions in 2022. The company has not provided additional details on which departments or regions are most affected by the cuts.