Netflix announced a significant leadership change on Thursday as part of efforts to address slowing viewer growth and declining investor confidence. Bela Bajaria, the company’s chief content officer who has been with Netflix for nearly a decade, is departing. She will be succeeded by Peter Rice, a veteran executive with extensive experience at Disney and Fox, who will assume the role on October 26.
Bajaria, named chief content officer in 2023, oversaw Netflix's global film and television slate, playing a key role in expanding its international reach and diversifying content offerings into unscripted shows, live events, and sports programming. Under her direction, Netflix released notable titles including the 2025 animated film "KPop Demon Hunters" and the crime drama series "I Will Find You," as well as increasing live sports content such as NFL games and WWE matches. Netflix Co-Chief Executive Ted Sarandos praised her leadership, highlighting her impact on the company’s global content strategy and her efforts to elevate underrepresented voices.
The leadership change coincides with Netflix’s announcement earlier in the week of a 6% workforce reduction, eliminating about 1,000 jobs in its largest layoffs in four years. The streaming giant has been facing mounting pressure amid a 40% decline in its share price over the past year and rising competition from free, ad-supported platforms like YouTube, which now command a larger share of streaming viewership in the United States.
Netflix’s recent challenges include slower growth in subscriber engagement and a lack of breakout hits comparable to earlier successes such as "Stranger Things" and "Wednesday." In an attempt to bolster its content library, Netflix pursued the acquisition of Warner Bros. Discovery earlier this year but ultimately dropped out after the bidding price exceeded what the company considered financially viable. The acquisition’s loss to Paramount, which rebranded as Skydance, was seen as a setback in Netflix’s strategy to access broader entertainment franchises and talent partnerships.
Peter Rice brings to Netflix extensive expertise in television and film. He previously led Disney’s TV operations including ABC, FX, Hulu, and television studios, and held senior roles within 21st Century Fox and Fox Searchlight Pictures. His tenure at Disney saw the release and development of acclaimed series such as "Modern Family," "Abbott Elementary," and "The Bear." Industry observers suggest Rice’s background in both content and corporate management could guide Netflix in refining its programming strategy and potentially revamping its film division, which is currently overseen by executive Dan Lin.
Sarandos described Rice as a highly effective operator with deep industry relationships, expressing confidence that Rice would help Netflix accelerate its growth and deliver compelling content to its global audience. Rice reiterated his enthusiasm for joining Netflix, citing the company’s track record of supporting distinctive voices and innovative storytelling.
As the streaming landscape grows increasingly competitive, Netflix’s leadership changes and workforce cuts mark a clear response to the challenges it faces in maintaining its dominant position and driving future growth.