Netflix is replacing its content chief with a former Disney and Fox executive

On October 15, Netflix announced the appointment of former Disney executive Peter Rice as their new chief content officer, effective October 26. This move comes as Bela Bajaria departs the company after nearly a decade, having served as chief content officer since 2023. Rice will be responsible for overseeing Netflix's content strategy, encompassing series, films, and live events across various regions.

Prior to joining Netflix, Rice held positions such as chairman of Walt Disney Television and chairman of general entertainment at The Walt Disney Company.

Bajaria's tenure at Netflix saw the release of popular titles like "Bridgerton" and "Squid Game," as well as the expansion of live programming through partnerships with WWE and the NFL. The announcement of Rice's appointment occurred a day after Netflix announced it was laying off 6% of its workforce, equivalent to about 1,000 employees, marking its largest job cuts since 2022.

This decision reflects the streaming giant's struggles with sustaining growth, as competition from platforms like YouTube and TikTok, which offer free user-generated content, poses a challenge.