Netflix named former Disney executive Peter Rice as chief content officer, replacing Bela Bajaria, who is leaving after nearly 10 years. The move comes a day after the company cut about 6% of its workforce. Netflix reports quarterly earnings on Tuesday.
Netflix said on Thursday that Rice will replace Bajaria as chief content officer, effective Oct. 26. Rice most recently oversaw Disney's cable channels, news programming and coverage of major sporting events.
According to CNBC, co-CEO Ted Sarandos said in a statement: "Peter is one of the most effective at-scale operators in the entertainment industry." Netflix itself called Rice one of the entertainment industry's most respected creative executives.
Rice takes over global content
In his new role, Rice will oversee the company's global content organization, including scripted and unscripted series, film and live events. Before Disney, he held roles at 21st Century Fox and Fox Searchlight Pictures.
Reuters reported that Rice previously served as chairman of Walt Disney Television and chairman of general entertainment at The Walt Disney Company.
Bajaria leaves after nearly a decade
Bajaria joined Netflix in 2016 and became chief content officer in January 2023. During her tenure, Netflix released hits such as "Bridgerton" and "Squid Game" and expanded live programming through multi-year partnerships with WWE and the NFL, according to Reuters.
CNBC reported that Bajaria had focused on the company's live sports strategy, looking to create events out of buzzy games and tournaments.
Leadership change follows layoffs
The announcement arrives a day after Netflix laid off roughly 1,000 employees, about 6% of its workforce. Reuters described the cuts as the company's biggest since 2022.
Netflix shares are down more than 20% this year, though the stock stayed relatively unchanged in extended trading Thursday. The company reports earnings on Tuesday.
Sources: CNBC, Reuters via Investing.com
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