The exec change comes as Netflix has laid off 1,000 employees and is planning major structural changes
Netflix Chief Content Officer Bela Bajaria is leaving Netflix and being replaced by former Disney and Fox executive Peter Rice, TheWrap has learned.
Bajaria has been with the company since 2016 and assumed the top creative role since early 2023. Under her leadership, Netflix has released major pop culture hits such as “Bridgerton,” “Arcane,” and “Squid Game” and has formed partnerships with WWE and NFL.
Bajaria’s exit comes as Netflix has laid off approximately 1,000 employees, or 6% of its workforce, amidst lagging user engagement in 2026. The company’s stock price has fallen nearly 40% compared to a year ago.
It also comes as Netflix is preparing to wade into theatrical distribution with Javier Calvo and Javier Ambrossi’s Oscar hopeful “La Bola Negra,” which will receive a 45-day theatrical window. Other theatrical releases from the streamer include David Fincher’s “The Further Misadventures of Cliff Booth” this November and Greta Gerwig’s “Narnia: The Magician’s Nephew” in February 2027.
But “Cliff Booth” director Fincher is also one of several high-profile creatives who have exited their production deals with Netflix in recent months, alongside “Stranger Things” helmers Matt and Ross Duffer, who have moved to Paramount, and Noah Baumbach, who moved to Warner Bros.
With such high-end talent leaving Netflix, the streamer is turning to a proven relationship-builder in Rice, who built his executive career at Fox Searchlight and has partnered with filmmakers such as Danny Boyle, with whom he produced the 2008 Best Picture Oscar winner “Slumdog Millionaire.” That film also grossed $378 million at the global box office and still stands as one of the top five highest grossing Best Picture winners since 2003.
After a tenure at Searchlight that also included “Juno,” “Little Miss Sunshine,” and “Sideways,” Rice became president of 21st Century Fox and CEO of Fox Networks Group. Once Disney acquired the studio, he became chairman of Walt Disney Television as well as chairman of General Entertainment for The Walt Disney Company, though he was let go in 2022 by then-CEO Bob Chapek.
Since then, he has produced movies such as “Saturday Night,” “Warfare,” “Misty Green,” “28 Years Later” and “28 Years Later: The Bone Temple,” with projects like “Elden Ring” and Stephen King’s “Fairy Tale” currently in development.
“Peter is one of the most effective at-scale operators in the entertainment industry. His business acumen is sharp, his talent relationships are exceptionally strong, and his experience across TV and film is deep and broad,” Sarandos said. “He understands what makes stories resonate, and he’s spent his career helping talent do the best work of their lives. I’m excited to welcome him to Netflix as Chief Content Officer as we continue to scale and deliver members more of the stories they love.”
“Netflix has fundamentally changed the way stories are made, shared and experienced around the world,” Rice said in a statement. “They’ve shown again and again that they’re willing to take chances on distinctive voices and fresh ideas, and I’m excited to work with the team to help bring even more great stories to members everywhere.”
Bajaria was hired by Netflix a decade ago after a run at NBCUniversal, where she produced shows like “Unbreakable Kimmy Schmidt” that became hits on Netflix. She was promoted to head of global in 2020 and then chief content officer in 2023 following the departure of Cindy Holland.
In recent years, Bajaria has focused on live content, including broadcast rights to several NFL games per season, the 2027 FIFA Women’s World Cup, and select Major League Baseball games including this year’s Home Run Derby. But those events have not stopped a slowdown in overall engagement on Netflix, which only rose 2% in the first half of 2026.
With this major shift, Netflix is signaling a pivot back to its film and television core and reestablishing relationships with talent at a time when Skydance, which swiped away Warner Bros. from the streamer with an industry-changing $110 billion merger, is planning to go toe-to-toe with them.
Bejaria’s departure was first reported by Puck.
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