Netflix announced on Thursday that Bela Bajaria, who has served as chief content officer since 2023, is leaving the company immediately. Peter Rice, a former executive at Disney and Fox, will take over the role next week. This leadership change comes as Netflix faces challenges with engagement figures and growth. On Wednesday, the company laid off approximately 1,000 employees, marking its largest job cuts since 2022.
Netflix had previously sought to acquire Warner Bros. Discovery’s studio and streaming business but lost to Paramount Skydance in a bidding war. Over the past year, Netflix’s share price has decreased by nearly 40 percent. Ted Sarandos, co-CEO of Netflix, acknowledged the company’s slower growth in a recent Bloomberg conference, stating, "Overall, we’re not growing as fast as I want us to, and we’re working on making that move faster."
In a memo to staff, Sarandos recognized Bajaria’s contributions but expressed a desire to enhance Netflix's offerings, particularly in the U.S. He noted the difficulty in finding a successor to the global hit series "Stranger Things."
According to Nielsen, Netflix’s share of television viewing time in the U.S. has declined, while YouTube's share has increased. Bajaria joined Netflix in 2016 from NBCUniversal and quickly advanced through the ranks, overseeing various programming initiatives, including unscripted series and international content. She was appointed chief content officer in 2023, managing all television and film operations, as well as live events and sports.
Rice, who has three decades of experience in the industry, previously held significant roles at Fox and Disney. After Disney acquired Fox’s entertainment properties in 2019, Rice managed its extensive television slate until his departure in 2022. He has since produced films and television shows, including "The Social Reckoning" and "Misty Green," and is involved in planning the opening ceremonies for the 2028 Summer Olympic and Paralympic Games in Los Angeles.
Sarandos described Rice in his memo as an effective operator with strong business acumen and talent relationships, emphasizing his extensive experience in both television and film.