Netflix appoints Peter Rice as new chief content officer after Bela Bajaria's exit

Netflix disclosed that Chief Content Officer Bela Bajaria is exiting after ten years in the position, during which she managed a $20 billion slate of series and movies and helped launch major titles such as “Squid Game” and “Wednesday.” The announcement comes as the company trims its staff, laying off roughly 1,000 employees, or 6% of its workforce, amid declining subscriber numbers and a struggle to produce the next breakout hit.

In the leadership shuffle, former Fox and Disney executive Peter Rice will assume the chief content officer role, bringing experience from running Fox Searchlight and Disney’s TV division. The restructuring also saw the removal of film vice president Doug Belgrad and film director Sheroum Kim. Netflix’s co-CEO Ted Sarandos praised Bajaria’s contributions, while noting recent challenges, including an unsuccessful bid for Warner Bros. Discovery that hurt the stock price.