Netflix replaced one of its top executives in a major management shakeup on Thursday, a day after the company announced it was laying off 6% of its staff.
Bela Bajaria, chief content officer, is leaving the company after a decade, Netflix announced in a statement. She will be replaced by former Disney executive Peter Rice, who until recently served as chairman of Walt Disney Television and president of general entertainment for the Walt Disney Co.
“Peter is one of the most effective operators of scale in the entertainment industry,” Netflix co-CEO Ted Sarandos said in the release. “His business acumen is keen, his talent relationships are exceptionally strong, and his television and film experience is deep and broad.”
Bajaria’s exit comes as Netflix faces pressure from investors to produce more hit shows and movies and increase the time consumers spend on the platform amid growing competition from other streamers.
“Because of the slowdown in massive hits and audience growth, the ax was going to fall on some executives who were driving content strategy,” said Ross Benes, principal analyst at research firm Emarketer.
Bajaria oversaw teams responsible for Netflix content around the world. She joined Netflix in 2016 and was named chief content officer in 2023. She was instrumental in expanding Netflix’s international reach and the streamer’s push into live events.
Hits released on Netflix during Bajaria’s tenure include the 2025 animated film “KPop Demon Hunters” and the crime drama series “I Will Find You.” Under his leadership, Netflix expanded its reach into live programming, streaming NFL games as well as WWE matches. The company also shifted its film strategy to focus on fewer films aimed at being bigger and better.
“Bela has built and shaped a truly global content organization, hiring brilliant people and empowering them to make good decisions,” Sarandos wrote in his email to staff. “I am incredibly grateful to her for everything she has done.”
Bajaria also played a key role in helping Netflix generate a large audience for its non-English original series, reality shows and programs featuring talent from underrepresented communities.
But his tenure also coincided with growing challenges related to growing Netflix’s business.
Free, ad-supported streaming services like YouTube are taking up more and more streaming hours, and investors are worried about how Netflix will continue to grow. YouTube accounted for 14.2% of U.S. streaming time on TVs, compared to 7.8% for Netflix in July, according to Nielsen data.
Netflix said efforts such as live programming have driven significant subscription sign-ups. While live programming makes up 5% of Netflix’s content budget, it owns 1% of viewing time on the streaming service, Sarandos said.
The company was also close to purchasing Warner Bros. Discovery, which would have significantly increased its content library, but Netflix withdrew from the auction after the price was no longer “financially attractive.”
Netflix stock is down 40% from a year ago. Shares closed Thursday at $72.61, up 3%.
“The drop in stock prices has been stunning,” said Stephen Galloway, dean of the Dodge College of Film & Media Arts at Chapman University. “This fall, along with the negative reaction to its decision to buy Warner Bros., has left it vulnerable, and so you need to do two things. One is to right the ship, but you also need to send a message to shareholders that you’re taking action.”
In a memo to staff announcing the leadership change, Sarandos wrote: “I know this is a big change in a year that has already had its share. But I also see an opportunity to take our roster to the next level, particularly at UCAN (United States and Canada) where we are having an outsized impact by creating big, buzzy hits that our members love and spark conversations around the world.”
Rice is an experienced business executive who spent nearly three decades navigating Rupert Murdoch’s media empire, serving as chairman of 21st Century Fox and CEO of Fox Networks Group.
He also brings deep roots in the feature film world, having previously led Fox Searchlight Pictures, which could mean he will want to put his own stamp on Netflix’s film group, Galloway said. This group is currently led by Director Dan Lin.
“Netflix has fundamentally changed the way stories are created, shared and experienced across the world,” Rice said in a statement. “They have shown time and time again that they are willing to take risks by leveraging distinct voices and fresh ideas, and I’m excited to work with the team to help bring even more great stories to members around the world.” »
Bajaria did not respond to a request for comment.
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