Netflix announced Thursday that Bela Bajaria is leaving after nearly 10 years, with former Disney executive Peter Rice set to take over as chief content officer on October 26. The transition follows layoffs affecting roughly 1,000 employees.
Netflix announced Thursday that Bela Bajaria is departing as chief content officer after nearly a decade with the company, and will be replaced by former Disney executive Peter Rice, effective October 26.
Rice most recently oversaw Disney's cable channels, news programming, and coverage of major live sporting events. Before that, he held senior roles at 21st Century Fox and Fox Searchlight Pictures.
"Peter is one of the most effective at-scale operators in the entertainment industry," co-CEO Ted Sarandos said in a statement. "I'm excited to welcome him to Netflix as Chief Content Officer as we continue to scale and deliver members more of the stories they love."
In his new role, Rice will oversee Netflix's global content organization, spanning scripted and unscripted series, film, and live events — a broad mandate that reflects the company's push beyond traditional streaming into sports and live programming.
Rice acknowledged the company's appetite for risk in content development. "[Netflix has] shown again and again that they're willing to take chances on distinctive voices and fresh ideas, and I'm excited to work with the team to help bring even more great stories to members everywhere," he said in a statement.
Bajaria, who most recently led Netflix's global content team and had been a central figure in the company's live sports strategy, is departing after joining the streamer roughly 10 years ago.
"I'm incredibly grateful for everything she's done to help Netflix entertain the world," Sarandos said.
The leadership transition comes one day after Netflix disclosed layoffs affecting approximately 6% of its workforce — roughly 1,000 positions — underscoring a period of operational restructuring at the company.
Shares of Netflix are down more than 20% this year, though the stock remained largely unchanged in extended trading Thursday. The company is scheduled to report its next quarterly earnings on Tuesday.
The timing of the announcement, arriving alongside a significant workforce reduction, places added scrutiny on Netflix's content strategy heading into the earnings report. Rice's background in live sports broadcasting and cable operations may signal a continued emphasis on live and event-driven programming as the company seeks to differentiate itself in an increasingly competitive streaming market.
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