Netflix names Peter Rice content chief as Bajaria exits

Netflix ↗ 2.89% said on Thursday, October 15, that former Fox and Disney executive Peter Rice will become its chief content officer on October 26. He replaces Bela Bajaria, who is leaving after nearly 10 years with the company, most recently as head of its global content team. The change comes as the streamer faces a falling stock price and slowing viewership growth, and it follows layoffs announced the day before.about.netflix.com+1

A sudden shakeup

Puck was first to report Bajaria's departure and Rice's appointment. Co-CEO Ted Sarandos told employees in a memo that Bajaria was leaving effective immediately. "It's been a tumultuous few days here," he wrote, adding that "change is inherent to our operations at Netflix," according to The New York Times ↗ 2.67%. On Wednesday, Netflix cut about 1,000 jobs, or roughly 6% of its workforce. That was its largest round of layoffs since 2022.nytimes.com+2

In the company's statement, Sarandos said Bajaria "led enormous changes at Netflix." He credited her with expanding unscripted programming and launching live events and sports. She joined in 2016 and became chief content officer in January 2023.deadline.com+1

Rice's background

Rice will run Netflix's global content organization, which covers scripted and unscripted series, film and live events. Sarandos called him "one of the most effective at-scale operators in the entertainment industry". Rice was previously chairman of Walt Disney Television and chairman of General Entertainment at Disney The Walt Disney Company ↗ 1.55%, where he oversaw ABC, FX, Hulu and National Geographic. Before that, he was president of 21st Century Fox and ran Fox Searchlight Pictures. Then-CEO Bob Chapek pushed him out of Disney in 2022. Since then, he has produced films including "Warfare" and "28 Years Later".thewrap.com+1

Pressure on engagement

Netflix shares are down about 42% over the past 12 months. Global viewing hours rose just 2% year over year in the first half of 2026, while free platforms such as YouTube Alphabet Inc. ↗ 0.37% gained ground. Research firm Apptopia found that Netflix's U.S. churn rose 16.6% year over year in the third quarter.investors.com+1

The company will report third-quarter results on Tuesday, October 20. KeyBanc analyst Justin Patterson has urged management to use that call to lay out a plan to stop the stock's slide. Rice said in his statement that he is "excited to work with the team to help bring even more great stories to members everywhere".finance.yahoo.com+1