Netflix Appoints Peter Rice as Chief Content Officer, Replacing Departing Bela Bajaria

Netflix has appointed veteran media executive Peter Rice as its new chief content officer effective October 26, succeeding Bela Bajaria, who is stepping down after nearly a decade at the streaming company. Rice will oversee global series, films, and live programming, including a $20 billion content budget. The leadership shakeup follows Netflix's decision to cut approximately 1,000 jobs, or 6% of its workforce, its largest layoffs since 2022. The executive transition occurs as Netflix grapples with slowing growth, viewer engagement headwinds, and a 40% stock decline over the past 12 months.