Netflix Overhauls Content Leadership Amidst Viewership Slump
Chief Content Officer Bela Bajaria departs after a decade, replaced by Peter Rice as the streaming giant faces layoffs and declining engagement.
Netflix has replaced its Chief Content Officer Bela Bajaria, who is departing after a decade with the company, as the streaming service continues to grapple with declining viewership and recent layoffs. Peter Rice, formerly of 21st Century Fox and Disney, has been appointed as the new chief content officer.
Bajaria had been a significant figure at Netflix, overseeing a substantial budget and the release of popular shows such as "Squid Game" and "Wednesday." Her tenure coincided with efforts to broaden the platform's content, including unscripted programming and live events. However, recent years have seen challenges in producing consistent must-watch content, contributing to a broader struggle for viewer engagement.
This leadership change follows a period of significant upheaval for the company. Netflix announced layoffs affecting 1,000 employees, representing 6% of its workforce, on Wednesday. The company's stock has experienced a considerable decline, down 40% over the past year.
Netflix co-CEO Ted Sarandos acknowledged Bajaria's contributions in a statement, thanking her for "a decade of dedication, innovation, creativity and leadership." He noted her role in expanding the streamer's offerings and managing its global slate of films and series.
Rice brings a long history in the entertainment industry. He began his career in Fox's movie division in 1989, notably leading the specialty label Fox Searchlight. He later held a senior television executive role at Disney following its acquisition of significant entertainment assets from 21st Century Fox in 2019. Rice himself departed Disney in 2022.
Sarandos was also reportedly involved in Netflix's unsuccessful bid to acquire Warner Bros. Discovery last year, a move that reportedly incurred significant costs for the company.