Netflix Names Peter Rice Chief Content Officer as Bela Bajaria Steps Down

Netflix shares fell approximately 2% in premarket trading after appointing former Disney executive Peter Rice as chief content officer, effective October 26. Rice replaces Bela Bajaria, who is stepping down after nearly a decade at the streaming service, including managing its $20 billion programming budget since January 2023. The leadership change follows a round of layoffs cutting roughly 1,000 jobs, or about 6% of Netflix's workforce, its largest reduction since 2022. The shakeup comes amid decelerating engagement growth and a 40% decline in the company's share price over the past 12 months.