Netflix Hires Peter Rice as Chief Content Officer
Netflix appointed former Disney executive Peter Rice as chief content officer following mass layoffs and a significant decline in share price.
Netflix announced on Thursday that Peter Rice, a former Disney and Fox executive, will become its new chief content officer on October 26. Rice replaces Bela Bajaria, who is departing the company after nearly a decade of service and having led the content division since 2023.
The leadership transition follows a volatile year for the streaming company, which saw its share price drop nearly 40 percent over the last 12 months. The company also recently lost a bidding war for Warner Bros. Discovery, which was acquired by Paramount Skydance for $111 billion.
This appointment comes one day after Netflix executed its largest round of layoffs in four years, cutting approximately 1,000 jobs. Co-CEO Ted Sarandos stated the company needs to elevate its content slate to address stalling engagement figures and a decline in U.S. television viewing share.
