Netflix replaces chief content officer Bela Bajaria with Peter Rice amid layoffs
Netflix has dismissed chief content officer Bela Bajaria and appointed former Disney executive Peter Rice as her successor as the company prepares for its upcoming earnings report.
Netflix announced the termination of Bela Bajaria, who had served as chief content officer for a decade, and named former Disney general entertainment chairman Peter Rice as her replacement. The change comes as the streamer implements a broader cost-cutting program that includes layoffs affecting more than 1,000 employees.
Industry sources said the move reflects heightened pressure on the company after a slowdown in user engagement and a decline in recent earnings. > "People always blame the content, but you don’t lay off 1,000 people unless there’s a big problem with the business model," one source told Variety.
Bajaria was credited with expanding Netflix’s global production footprint, launching local-language series, and securing live-sports and entertainment deals with partners such as WWE and the NFL. > "In her decade at Netflix, Bela’s impact has been undeniable – from attracting new talent to driving the company’s global expansion," WME co-chair Richard Weitz said.
Rice, who previously led both film and television operations at Disney and 20th Century Fox, will oversee the combined content division. He is expected to address the company’s modest growth in subscriber engagement, which the co-CEOs described as slower than desired during a recent earnings call.
The restructuring also saw the departure of several senior executives in the TV and film units, including directors of original series and overall-deal teams. Analysts will watch how the new leadership reshapes Netflix’s content strategy ahead of the upcoming quarterly earnings release.