Netflix Replaces Chief Content Officer Bela Bajaria With Peter Rice Amid Layoffs

Netflix has announced a significant leadership change, replacing Chief Content Officer Bela Bajaria with former Disney and Fox executive Peter Rice. Bajaria, a decade-long veteran of the streaming service, is departing as the company faces challenges including a declining stock price and slowing growth.

The transition, revealed amidst ongoing layoffs, has reportedly left staff bracing for further upheaval. Ted Sarandos, co-CEO of Netflix, cited the need for a strategic shift in content leadership. Rice's appointment marks his return to executive ranks, having previously held prominent positions at Disney and Fox.