Netflix Names Peter Rice Chief Content Officer, Bela Bajaria Departs Amid Layoffs

Netflix has appointed former Disney executive Peter Rice as its new Chief Content Officer, effective October 26, replacing Bela Bajaria who is leaving after nearly a decade. This executive shake-up comes alongside significant workforce reductions, with approximately 1,000 employees (6% of the company) laid off this week. The changes occur as Netflix aims to boost its content slate and engagement amidst increased competition and a 40% stock drop over the past year.