Netflix Chief Content Officer Bela Bajaria exits amid major layoffs
Netflix replaced one of its top executives in a major management shake-up on Thursday, a day after the company announced it was laying off 6% of its staff.
Chief Content Officer Bela Bajaria is leaving the company after a decade, Netflix said in a statement. She will be replaced by former Disney executive Peter Rice, who was most recently chairman of Walt Disney Television and chairman of general entertainment for Walt Disney Co.
“Peter is one of the most effective at-scale operators in the entertainment industry,” Netflix Co-Chief Executive Ted Sarandos said in the statement. “His business acumen is sharp, his talent relationships are exceptionally strong, and his experience across TV and film is deep and broad.”
Bajaria’s exit comes as Netflix has been under pressure from investors to turn out more hit shows and movies and increase the amount of time consumers spend on the platform amid rising competition from other streamers.
“Due to the slowdown in massive hits and viewer growth, an ax was gonna fall on some executives who led content strategy,” said Ross Benes, senior analyst at research firm Emarketer.
Bajaria oversaw the teams responsible for Netflix content around the world. She joined Netflix in 2016 and was named chief content officer in 2023. She was instrumental in expanding Netflix’s reach internationally and the streamer’s push into live events.
Hits released on Netflix during Bajaria’s tenure include the 2025 animated movie “KPop Demon Hunters” and crime drama series “I Will Find You.” Under her leadership, Netflix grew its reach in live programming, streaming NFL games as well as WWE matches. The company also changed its film strategy to focus on fewer movies that aimed to be bigger and better.
She also played a key role in helping Netflix generate large audiences for its non-English-language original series, reality shows and programs that featured talent from underrepresented communities.
But her tenure also coincided with mounting challenges to growing Netflix’s business.
Free, ad-supported streaming services like YouTube are increasingly taking up more streaming hours and investors are concerned about how Netflix will continue to grow. YouTube represented 14.2% of streaming time in the U.S. on TVs compared to Netflix’s 7.8% in July, according to Nielsen data.
Netflix has said efforts like live programming have been successful at getting significant subscription sign-ups. While live programming represents 5% of Netflix’s content budget, it holds 1% of watch time on the streaming service, Sarandos has said.
The company also was poised to buy Warner Bros. Discovery, which would have dramatically increased its library of content, but Netflix bowed out of the auction after the price became no longer “financially attractive.”
Netflix stock has declined 40% from a year ago. Shares closed Thursday at $72.61, up 3%.
“The drop in share price has been staggering,” said Stephen Galloway, dean of Chapman University’s Dodge College of Film & Media Arts. “That plunge, plus the negative reaction to its move to buy Warner Bros. left it vulnerable, and so you have to do two things. One is right the ship, but you also need to send a message to shareholders that you’re taking action.”
In a memo to staff announcing the change in leadership, Sarandos wrote, “I know this is a big change in a year that has already had its share. But I also see an opportunity to take our slate to the next level, especially in UCAN [U.S. and Canada] where we have an outsize impact in creating big, buzzy hits that our members love and drive conversation around the world.”
Rice is an experienced corporate executive who spent nearly three decades navigating Rupert Murdoch‘s media empire, serving as president of 21st Century Fox and CEO of Fox Networks Group.
He also brings deep roots in the feature film world, having previously run Fox Searchlight Pictures, which could mean he will want to put his own stamp on Netflix’s film group, Galloway said. That group is currently led by executive Dan Lin.
“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 did not respond to a request for comment.