Netflix appoints Peter Rice as chief content officer amid layoffs and reorganization
Peter Rice will replace Bela Bajaria as Netflix's chief content officer as the streamer continues a large layoff and prepares for further restructuring.
Netflix announced that Peter Rice will assume the role of chief content officer, succeeding long-time executive Bela Bajaria. The change comes as the company implements its largest layoff in history, cutting roughly 1,000 staff members, including several film and TV leaders.
Bajaria, who has been with Netflix for a decade, reportedly learned of her departure only shortly before receiving a Variety award at MIPCOM in Cannes. The move follows a similar reshuffle in 2020 when co-CEO Ted Sarandos replaced Cindy Holland with Bajaria.
Rice, who previously led Fox Searchlight and served as Disney's TV chairman, brings experience in both film and television but has not worked in streaming. Industry observers say his background in script development and oversight of large-scale programming could help Netflix manage its extensive global slate.
Internal sources described the atmosphere at the company as tense, with employees reacting to the layoffs and the abrupt leadership change. One representative noted that staff members expressed relief and optimism about Rice's appointment, describing him as "smart, talented" and "a total pro."
The restructuring is expected to extend beyond the chief content officer role, with attention turning to the top film position currently held by Dan Lin. Netflix has faced declining viewership on returning series and underperforming high-profile shows, prompting the leadership overhaul.