Netflix named former Walt Disney television chairman Peter Rice as its chief content officer on Thursday, replacing Bela Bajaria a day after cutting 1,000 jobs.
The management overhaul follows a six per cent reduction in global headcount, marking the company’s steepest round of layoffs since 2022.
Rice assumes responsibility for Netflix’s worldwide programming slate on October 26. His remit covers scripted and unscripted television series, feature films, and live broadcasts across all geographic territories. Rice previously ran Walt Disney Television and served as chairman of general entertainment at The Walt Disney Company after earlier leadership roles at 21st Century Fox.
Executive turnover and restructuring
Bajaria exits after ten years at the company. She joined Netflix in 2016 following her departure from NBCUniversal, where she ran Universal Television. Netflix co-chief executive Ted Sarandos initially hired her to build an unscripted television slate, alongside licensing deals and co-productions with external studios.
Her rise through the executive ranks accelerated in 2020 when she became head of global television following the departure of Cindy Holland. Netflix promoted Bajaria to chief content officer in January 2023, placing her in charge of commissioning budgets that produced breakout global titles including Squid Game, Bridgerton, Wednesday, Beef, and Stranger Things. Film projects developed during her leadership included KPop Demon Hunters and Frankenstein.
The content department restructuring reaches beyond top leadership. Netflix dismissed film vice president Doug Belgrad and film director Sheroum Kim this week as part of the broader staff reduction.
Content economics and engagement pressure
Streaming operators across Asia-Pacific face tightening production discipline as subscriber growth slows and returns on commissioned originals decline. Big-budget regional scripted productions carry high upfront risk, forcing platforms to balance expensive local prestige drama with low-cost unscripted formats and live sports broadcasting.
Platforms such as YouTube and TikTok continue to siphon viewer minutes with user-generated video that costs nothing to produce. That shift leaves subscription video providers carrying heavy production balance sheets at a structural cost disadvantage against ad-supported social video platforms.
Declining awards and shifting focus
Prestige recognition for Netflix originals dropped sharply heading into the executive change. The service collected 16 Primetime Emmy Awards in 2026, down from 30 wins in 2025 and well below the record 44 awards it secured in 2021. The tally represents the platform’s smallest Emmy total in ten years.
Sarandos credited Bajaria with broadening the company’s catalogue into unscripted programming and live events, including multi-year broadcast agreements with the NFL and WWE as well as live specials such as The Roast of Tom Brady.
“I want to thank Bela for a decade of dedication, innovation, creativity and leadership,” Sarandos said in a statement.
The schedule ahead
Rice takes direct operational control of the programming pipeline on October 26 as Netflix finalises its production slate and capital allocation targets for 2027.