Netflix has hired a new content chief after a stock slump and struggles to grow its viewership.
Peter Rice, a former Fox and Disney executive, will oversee Netflix’s movies and shows starting on October 26, the company announced on Thursday.
Rice will replace Bela Bajaria, who’s leaving the company after almost a decade, Netflix said. Bajaria took the top content job in 2023 and memorably described the ideal Netflix show as a “gourmet cheeseburger.”
The exec shake-up came a day after the streaming giant laid off about 1,000 employees on Wednesday, its biggest round of layoffs in four years.
Netflix has had a tough year. Shares are down nearly 40% in the past 12 months as investors increasingly worry about slower viewership growth and the company’s long-term direction. Netflix’s attempt to buy Warner Bros. — which was ultimately stymied by Paramount — soured the Wall Street narrative about the company’s future.
Rice was previously the head of Disney’s TV arm, where he ran Hulu and networks like ABC, Disney Channel, and FX. He was fired from the Mouse House in 2022 by former Disney CEO Bob Chapek.
Bajaria “led enormous changes at Netflix,” co-CEO Ted Sarandos said in a statement, crediting her for helping the streamer broaden its content mix to live events and sports.
This is a developing story and will be updated.
