Netflix replaced chief content officer Bela Bajaria with former Disney and Fox executive Peter Rice, following layoffs of roughly 1,000 employees and lagging user engagement. Rice takes over the global content organization on October 26, stepping in as the streaming platform adjusts its film and television strategies.
Bela Bajaria is leaving Netflix after a decade with the company, relinquishing her post as chief content officer to former Disney and Fox executive Peter Rice, according to Yahoo Entertainment and CNBC. Bajaria assumed the top creative role in early 2023 after succeeding Cindy Holland and heading global operations in 2020. During her tenure, she oversaw major pop culture hits including Bridgerton, Arcane, and Squid Game, while pushing the streaming service into unscripted programming, live events, and sports partnerships with the NFL and WWE.
Leadership Shake-Up Amid Layoffs and Falling Stock Value
The executive transition arrives immediately after Netflix cut approximately 1,000 jobs, amounting to 6% of its workforce, according to Yahoo Entertainment and CNBC. Variety reported that the cuts marked the streamer’s largest employee reduction to date and included the departures of film VP Doug Belgrad and film director Sheroum Kim. The layoffs coincide with a drop in the company’s stock price compared to the previous year, alongside lagging user engagement in 2026. Netflix also saw its Primetime Emmy Award haul drop to 16 wins this year, down from 30 in 2025 and 44 in 2021.
Netflix $NFLX Chief Content Officer Bela Bajaria is reportedly leaving the company, with former Disney $DIS executive Peter Rice set to replace her, according to TheWrap.Bajaria joined Netflix in 2016 and became content chief in 2023, overseeing hits including Squid Game,… pic.twitter.com/5amw8wJz5c
Peter Rice Takes Over Global Content Remit
Effective October 26, Peter Rice will lead Netflix’s global content organization, overseeing scripted and unscripted series, films, and live events across all regions, as reported by CNBC and Variety. Rice previously served as chairman of Walt Disney Television and chairman of General Entertainment for The Walt Disney Company before his ousting in 2022 by then-CEO Bob Chapek. Before Disney, he held leadership roles at 21st Century Fox, Fox Networks Group, and Fox Searchlight Pictures, where he produced the 2008 Best Picture Oscar winner Slumdog Millionaire,
which grossed $378 million globally. Since leaving Disney, he has worked as a producer on films such as Saturday Night, Warfare, 28 Years Later, and 28 Years Later: The Bone Temple, while working on the opening and closing ceremonies for the 2028 Olympic and Paralympic Games.
Before his time at Disney and Fox, Rice oversaw networks ranging from ABC and Fox to Disney Channel, Freeform, and FX Networks, alongside Hulu and production divisions including Disney Television and Twentieth Century Fox Television. His extensive professional credits during his tenure spanned iconic programs such as “The Simpsons,” “American Idol,” “Modern Family,” “This Is Us,” “The Bear,” and Only Murders in the Building, as well as news programming and coverage of major sporting events.
Peter is one of the most effective at-scale operators in the entertainment industry. His business acumen is sharp, his talent relationships are exceptionally strong, and his experience across TV and film is deep and broad.
Talent Shifts and Theatrical Releases Ahead
Netflix is turning to Rice to rebuild relationships with high-profile creators following a wave of departures. High-end creatives including Stranger Things creators Matt and Ross Duffer have moved to Paramount, Noah Baumbach has shifted to Warner Bros., and Cliff Booth director David Fincher has exited his production deal with the streamer, according to reports.
