Netflix replaces content chief Bela Bajaria with ex-Disney executive Peter Rice
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In brief
Netflix announced on October 15, 2026 that Chief Content Officer Bela Bajaria is leaving after nearly a decade, with former Disney Television chairman Peter Rice taking over the role on October 26. The change was announced a day after Netflix cut about 1,000 jobs, roughly 6% of its workforce, and as the stock has fallen more than 20% this year.
Netflix said on October 15, 2026 that Bela Bajaria will step down as chief content officer and be succeeded by Peter Rice, a former Disney and Fox executive, starting October 26, according to TheWrap and 24/7 Wall St., which both cited the company's announcement.
Bajaria was hired by Netflix about a decade ago from NBCUniversal and had served as chief content officer since early 2023, according to TheWrap. During her tenure she oversaw programming including "Bridgerton," "Arcane" and "Squid Game," as well as the company's push into unscripted shows, live events and sports partnerships with the WWE and the NFL, ContentGrip and TheWrap reported.
What Netflix said about the change
I'm incredibly grateful for everything she's done to help Netflix entertain the world.
— Ted Sarandos, Netflix co-CEO, on Bela Bajaria
Netflix co-CEO Ted Sarandos thanked Bajaria for what he called "a decade of dedication, innovation, creativity and leadership," according to TheWrap. On Rice, Sarandos said he is "one of the most effective at-scale operators in the entertainment industry" with "exceptionally strong" relationships with creative talent, per the same report.
TheWrap reported that the announcement does not state the leadership change is a result of the staffing cuts, and no specific programming shortfalls were cited as a reason for Bajaria's exit.
Who is Peter Rice
Rice built Fox Searchlight into a prestige film studio, producing titles including the Best Picture winner "Slumdog Millionaire," "Juno," "Little Miss Sunshine" and "Sideways," according to TheWrap. He went on to serve as president of 21st Century Fox and CEO of Fox Networks Group before becoming chairman of Walt Disney Television and Disney General Entertainment, where he oversaw ABC, FX, Hulu and National Geographic until his departure from Disney in 2022, TheWrap and 24/7 Wall St. reported.
At Netflix, Rice will oversee the company's global content organization, including scripted and unscripted series, film and live events, according to TheWrap.
Layoffs and stock decline
The content-chief announcement came a day after Netflix cut roughly 1,000 jobs, about 6% of its workforce, in what TheWrap and 24/7 Wall St. described as the company's largest workforce reduction in several years.
Netflix shares fell 3% to $70.35 in morning trading on October 16, 2026, extending the stock's year-to-date loss to 25%, according to 24/7 Wall St. TheWrap separately reported that Netflix's stock has fallen nearly 40% year-over-year and that user engagement rose only about 2% in the first half of 2026. 24/7 Wall St. noted that rivals Disney and Spotify traded roughly flat the same day, suggesting the selloff was concentrated in Netflix.
Key facts
Item
Detail
Source
Announcement date
October 15, 2026
TheWrap
Rice's start date
October 26, 2026
TheWrap
Bajaria's tenure
Joined from NBCUniversal about a decade ago; CCO since early 2023
TheWrap
Job cuts
~1,000 jobs, ~6% of staff, announced Oct. 14-15
TheWrap; 24/7 Wall St.
Stock move (Oct. 16)
Down 3% to $70.35; -25% YTD
24/7 Wall St.
What is not yet known
Netflix has not stated a specific reason tied to performance for Bajaria's departure, according to TheWrap. Reports differ on the scale of the stock's decline, with 24/7 Wall St. citing a 25% year-to-date drop and TheWrap citing a nearly 40% year-over-year decline; both figures are attributed to their respective reports and refer to different time frames.
TheWrap also reported that the leadership change coincides with the recent exits of high-profile creative partners, including David Fincher, the Duffer Brothers and Noah Baumbach, from their Netflix production deals, though it did not state a direct causal link to Bajaria's departure.
Questions
Who is replacing Bela Bajaria at Netflix?
Peter Rice, a former Disney and Fox executive, will become Netflix's chief content officer starting October 26, 2026, according to TheWrap.
Why is Bela Bajaria leaving Netflix?
Netflix has not stated a specific performance-related reason; TheWrap reported the announcement does not tie the change to the company's recent staffing cuts.
Is the leadership change linked to Netflix's layoffs?
The announcement came one day after Netflix cut about 1,000 jobs (6% of staff), but the company's statement did not describe the content-chief change as a result of those cuts, per TheWrap.
What did Peter Rice do before Netflix?
Rice chaired Walt Disney Television and Disney General Entertainment, overseeing ABC, FX, Hulu and National Geographic, and earlier led 21st Century Fox and Fox Networks Group after building Fox Searchlight Pictures, according to TheWrap and 24/7 Wall St.
How did Netflix stock react to the news?
Netflix shares fell 3% to $70.35 on October 16, 2026, extending the stock's year-to-date decline to 25%, according to 24/7 Wall St.
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