Netflix Shakeup: Peter Rice Is Welcomed Back To Executive Ranks While Bela Bajaria’s Exit Has Layoff-Weary Staff Bracing For More Upheaval

Netflix co-CEO Ted Sarandos has replaced Chief Content Officer Bela Bajaria with Peter Rice, a former executive at Disney and Fox. Bajaria, a veteran who joined the company in 2016 and took the top creative role in early 2023, oversaw the release of hits such as “Bridgerton,” “Arcane,” and “Squid Game,” as well as partnerships with the NFL and WWE. In a statement, Sarandos thanked Bajaria for her decade of dedication and her role in expanding the company's unscripted programming and live sports offerings.

Deadline reports that the leadership change comes amid slowing engagement growth and a sliding stock price. TheWrap notes that Netflix's stock has fallen nearly 40% compared to a year ago and that the company recently laid off approximately 1,000 employees, representing 6% of its workforce, due to lagging user engagement in 2026.

The transition occurs as Netflix prepares for theatrical distribution, including a 45-day theatrical window for the film “La Bola Negra” by Javier Calvo and Javier Ambrossi.

Brief written by urgent.news from Deadline, TheWrap — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.