Netflix announced the immediate departure of Bela Bajaria, its chief content officer and a key executive for the past decade, as the streaming giant seeks to address slowing growth and declining viewer engagement. Peter Rice, a veteran former executive from Fox and Disney, is set to assume the chief content officer role next week.
The leadership change comes in the wake of Netflix’s latest round of layoffs, which cut about 1,000 jobs—the company’s largest since 2022. These moves follow a turbulent period for the platform marked by a nearly 40 percent decline in its stock price over the past year and unsuccessful attempts to acquire Warner Bros. Discovery’s studio and streaming business. Instead, that $111 billion acquisition went to Paramount and Skydance, led by David Ellison.
Netflix’s co-chief executive Ted Sarandos acknowledged the company’s growth challenges at a recent Bloomberg conference, emphasizing the need to accelerate progress. In a staff memo sent Thursday, Sarandos recognized Bajaria’s contributions while expressing a desire to elevate Netflix’s content offerings, particularly in the United States, where the company’s share of TV viewing has diminished since last year amid rising competition from platforms like YouTube.
Bajaria joined Netflix in 2016 after her tenure at NBCUniversal, rising rapidly through the ranks by overseeing both unscripted and international programming. Early successes included reality hits such as “Queer Eye” and “Nailed It!” as well as expansion into television series and original scripted content. In 2020, she took charge of all television operations, and in 2023 was promoted to chief content officer with oversight of Netflix’s entire slate of TV and movies, live events, sports, and video podcasts. According to sources familiar with the decision, she was informed of her departure by Sarandos earlier this week. Netflix had planned to announce the change next week, but the news surfaced earlier.
Rice brings nearly 30 years of industry experience, having held senior roles at Fox and later at Disney following its acquisition of Fox’s entertainment assets in 2019. His tenure at Disney ended in 2022 after being ousted by then-CEO Bob Chapek. Since then, Rice has produced films and television projects, including “The Social Reckoning” for Sony Pictures and “Misty Green” for A24. He is also involved in directing the opening ceremony for the 2028 Summer Olympic and Paralympic Games in Los Angeles.
Sarandos described Rice as “one of the most effective at-scale operators in the entertainment industry,” highlighting his strong business skills, robust relationships with talent, and extensive experience across television and film. Industry insiders have noted Rice’s reputation as both “affable” and “elegant,” though some also find him “inscrutable.”
As Netflix navigates an increasingly competitive streaming landscape, the leadership shift signals the company’s effort to reinvigorate its content strategy and regain momentum following the conclusion of major franchises like “Stranger Things.”