Netflix Stunner: Bela Bajaria Out as Chief Content Officer, Former Disney Exec Peter Rice Steps in

Netflix‘s longtime chief content officer Bela Bajaria is leaving the company after 10 years, with former Disney and Fox executive Peter Rice expected to replace her. The streamer released an announcement Thursday afternoon. Bajaria’s exit comes after the streaming company laid off around 1,000 employees, roughly 6 percent of its workforce, on Wednesday — the most sweeping cut-backs in its history. “I want to thank Bela for a decade of dedication, innovation, creativity, and leadership,” Netflix co-CEO Ted Sarandos said in a statement announcing Rice’s appointment. “She led enormous changes at Netflix. She helped broaden our content offering to include the large-scale expansion of unscripted programming and the launches of live events and sports, in addition to crafting and running a world class, global slate of films and series. I’m incredibly grateful for everything she’s done to help Netflix entertain the world.” Rice, Bajaria’s replacement, is a longtime Hollywood executive with robust creative relationships and a Wall Street-savvy approach. He was often reported to be a potential successor to lead the Walt Disney Company before Bob Iger’s first exit from the studio in 2022. His last executive role was chairman of Walt Disney Television and general entertainment, joining the studio through its acquisition of 21st Century Fox, where had served as president and CEO of Fox Networks Group. In 2022, Disney and then-newly minted CEO Bob Chapek fired Rice, replacing him with Dana Walden, who has remained within studio leadership since. In the years after, Rice has focused on producing, with titles like “28 Years Later,” “Saturday Night,” “The Social Reckoning,” and upcoming projects like “Elden Ring” and the opening and closing ceremonies for the LA28 Olympic Games. He will join Netflix on October 26. “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,” said Sarandos in the same release. “He understands what makes stories resonate, and he’s spent his career helping talent do the best work of their lives. I’m excited to welcome him to Netflix as chief content officer as we continue to scale and deliver members more of the stories they love.” “Netflix has fundamentally changed the way stories are made, shared and experienced around the world,” Rice said in the release. “They’ve shown again and again that they’re willing to take chances on distinctive voices and fresh ideas, and I’m excited to work with the team to help bring even more great stories to members everywhere. I’m grateful to Bela for building such a remarkable global team, and I look forward to building on everything she and the team have created.” Since coming aboard at Netflix in 2016, Bajaria has been credited with overseeing the production of flagship titles like “Squid Game,” “Bridgerton,” “Stranger Things,” and “Wednesday”; films like “KPop Demon Hunters”; and a push into live events, like Christmas NFL games, WWE matches, and stunt one-offs like a boxing match between Jake Paul and Mike Tyson. Bajaria joined Netflix at a time when streaming was still a burgeoning industry and helped shepherd the company’s rise to dominance by overseeing its content offerings. After first heading Netflix’s unscripted division, along with licensing and co-productions, she was promoted to head of global in 2020 after Cindy Holland’s exit from the company. In 2023, she was named chief content officer. But 2026 has been a year of profound change at Netflix, with its stock value down roughly 28 percent since it announced plans to acquire Warner Bros. Discovery in the final weeks last year. Though that deal fell through when Paramount-Skydance made a larger offer to buy the entire company, Netflix’s stock has not recovered since. Alongside that, a handful of top Netflix talent have left their deals with Netflix, including “Stranger Things” creators the Duffer Brothers going to Paramount, the series producer Shawn Levy taking a deal with Disney, prestige filmmaker Noah Baumbach heading to Warner Bros.’ Clockwork, and even David Fincher electing against renewing his deal, though he hasn’t been scooped up elsewhere yet. There’s also been major change as the streamer has begun tinkering with theatrical ambitions, including for the first time this weekend reporting box office figures on its awards play “La Bola Negra.” Even among the content offerings, Netflix has introduced and ramped up podcasts, live sports, other live events, and gaming all in an effort to boost engagement on Netflix, which according to some reports has taken a hit in recent years. Puck was first to report on Bajaria’s exit.