Netflix Appoints Peter Rice as Chief Content Officer Amid Stock Slide
Netflix appointed former Disney executive Peter Rice as Chief Content Officer following the firing of Bela Bajaria and a 6 percent workforce reduction.
Netflix co-CEO Ted Sarandos appointed former Disney and Fox executive Peter Rice as Chief Content Officer to replace Bela Bajaria, who was fired on October 15. During a Q3 earnings call on October 20, Sarandos praised Bajaria for her decade-long tenure and her role in building international content teams, but stated that the company needs to elevate its content slate and improve talent relations.
The leadership change follows a period of corporate instability, including the departure of film boss Dan Lin and the layoff of 1,000 employees, representing 6 percent of the workforce. Sarandos announced a strategic shift toward core content production to ensure the service remains a must-have for consumers, while also planning to license more third-party content to combat slowing growth and competition from TikTok and YouTube.
Despite a 11.8 percent rise in third-quarter revenue to 12.87 billion dollars, Netflix shares fell nearly 6 percent in after-hours trading after the company issued fourth-quarter profit and full-year advertising forecasts that missed analyst expectations. The stock has declined 40 percent over the past year, coinciding with monthly subscriber losses in the United States throughout 2026.
