In a sweeping executive shakeup that marks one of the most significant leadership transitions in the streaming giant’s history, Bela Bajaria is leaving Netflix after a decade with the company. Bajaria, who most recently served as the chief content officer and played a pivotal role in expanding the platform’s global reach, is out amid a broader organizational restructuring.
She will be replaced by veteran media executive Peter Rice, formerly of Disney and Fox, as first reported by Puck. In his new role as chief content officer, Rice will assume command of Netflix’s sprawling global content organization. He will oversee scripted and unscripted television series, feature films, live events, sports programming, and more across all international regions, stepping into the position during a critical juncture for the company’s creative and operational strategy.
Bajaria’s departure coincides with a massive workforce reduction at Netflix. Approximately 1,000 employees—representing roughly 6% of the company’s total workforce—were laid off this week in what stands as the largest workforce reduction in Netflix’s corporate history. The restructuring has also impacted other high-level executives within the content pipeline. Doug Belgrad, Netflix’s vice president of film, and film director Sheroum Kim were also pink-slipped as part of the sweeping corporate overhaul, signaling a sharp pivot in how the streaming pioneer intends to manage its multi-billion-dollar content output moving forward.
Co-CEO Ted Sarandos praised Bajaria’s decade of service in an official statement addressing the executive transition. "I want to thank Bela for a decade of dedication, innovation, creativity, and leadership," Sarandos said. "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."
Bajaria’s journey at Netflix began in 2016 following her departure from NBCUniversal, where she served as president of Universal Television. During her tenure at NBCUniversal, she produced notable shows that aired on Netflix, including "Unbreakable Kimmy Schmidt" and "Master of None." Initially brought in by Sarandos to help Netflix build and launch an unscripted division, as well as to oversee licensing and studio co-productions, Bajaria steadily climbed the corporate ladder. She was elevated to head of global television in 2020 following the exit of Cindy Holland and was ultimately promoted to chief content officer in January 2023.
Under her stewardship, Bajaria oversaw a massive portfolio of critical and commercial hits. Her television slate included global phenomena such as "Bridgerton," "Squid Game," "Adolescence," "Beef," "Stranger Things," and "Wednesday." On the film side, she managed projects like "KPop Demon Hunters" and "Frankenstein." Beyond traditional scripted and unscripted content, Bajaria was also a primary driver behind Netflix’s aggressive push into live sports and entertainment specials, spearheading initiatives like "The Roast of Tom Brady" alongside high-profile content partnerships with the NFL and WWE.
However, the leadership change comes at a time when Netflix has faced mounting headwinds regarding the critical reception and prestige of its original programming. In recent months, as the company’s subscriber growth has experienced natural maturation and slowing momentum, the cultural aura surrounding its high-end prestige television has also faced scrutiny. The streamer secured just 16 Primetime Emmy Awards this year—a steep drop from the 30 trophies it won in 2025. This figure stands in stark contrast to 2021, when Netflix tied the record for the most Emmy wins by any single outlet in a single year with a staggering 44 awards. All told, the 2026 awards season marked Netflix’s lowest Primetime Emmy haul since 2016.
Peter Rice enters the role of chief content officer carrying an equally impressive and tumultuous industry history. His own high-profile ousting from Disney in 2022 by then-CEO Bob Chapek sent shockwaves through the entertainment industry given his stature and deep institutional roots at the House of Mouse. Widely regarded as one of the industry’s most capable and respected executives, Rice most recently served as chairman of Walt Disney Television and chairman of general entertainment for the Walt Disney Company.
In that capacity, Rice managed an enormous portfolio that included ABC, FOX Broadcasting, Fox Sports, ABC News, ABC Studios, Disney Channel, Freeform, FX Networks, Hulu, National Geographic, Onyx Collective, and Twentieth Century Fox Television. His oversight regularly encompassed more than 300 shows and 4,000 hours of television annually. Programs produced and broadcast during his extensive television tenure included "The Simpsons," "American Idol," "Modern Family," "This Is Us," "The Bear," "Abbott Elementary," "Shogun," and "Only Murders in the Building," alongside major news broadcasts and elite sporting events such as the Super Bowl, the NBA Finals, and the FIFA World Cup Finals.
Since his departure from Disney, Rice has maintained an active presence in the film and production sector, working as a producer on notable projects including Jason Reitman’s "Saturday Night," "28 Years Later," and "28 Years Later: The Bone Temple" at Sony, alongside "Warfare" and Chris Rock’s "Misty Green" at A24. His active production slate also includes Alex Garland’s "Elden Ring" and Sonoya Mizuno’s "Stages," as well as managing the high-profile opening and closing ceremonies for the upcoming LA28 Olympic and Paralympic Games.
Earlier in his career, Rice served as president of 21st Century Fox and CEO of Fox Networks Group, while also acting as Fox’s lead executive on the Hulu board of directors. His roots in independent and prestige cinema run deep from his time at Fox Searchlight Pictures, where he championed critical darlings and box-office favorites such as "Slumdog Millionaire," "Juno," "Little Miss Sunshine," and "Sideways."
Sarandos expressed immense confidence in Rice’s ability to steer Netflix’s creative future. "Peter is one of the most effective at-scale operators in the entertainment industry," Sarandos said. "His business acumen is sharp, his talent relationships are exceptionally strong, and his experience across TV and film is deep and broad. 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."
For his part, Rice expressed enthusiasm about stepping into the leadership role at the world’s leading streaming service. "Netflix has fundamentally changed the way stories are made, shared and experienced around the world," Rice said. "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."
Additional reporting for this story was contributed by Mike Schneider.
