In a major executive shakeup, Bela Bajaria is out at Netflix after 10 years at the streamer, most recently serving as its chief content officer.
She will be replaced by former Disney and Fox executive Peter Rice, as first reported by Puck. As chief content officer, Rice will lead Netflix’s global content organization, overseeing scripted and unscripted series, film, live events and more across all regions.
Bajaria’s exit comes amid a significant workforce reduction at Netflix. Around 1,000 employees (6% of the company) were laid off this week in what marks the streamer’s largest axing to date. Netflix‘s film VP Doug Belgrad and film director Sheroum Kim were also pink slipped as part of the restructuring.
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“I want to thank Bela for a decade of dedication, innovation, creativity and leadership,” Sarandos, Netflix’s co-CEO, said in a statement. “She led enormous changes at Netflix. She helped broaden our content offering to include the large-scale expansion of unscripted programming and the launches of live events and sports, in addition to crafting and running a world class, global slate of films and series. I’m incredibly grateful for everything she’s done to help Netflix entertain the world.”
Bajaria joined Netflix in 2016 after she was let go from NBCUniversal, where she had served as president of Universal Television. In that role, she had produced shows that aired on Netflix, including “Unbreakable Kimmy Schmidt” and “Master of None.” Sarandos first brought in Bajaria to help Netflix launch an unscripted division, as well as licensing and studio co-productions. Bajaria was later elevated to head of global in 2020 as Cindy Holland exited the company, and was named chief content officer in January 2023.
Under her watch, Bajaria oversaw popular TV series including “Bridgerton,” “Squid Game,” “Adolescence,” “Beef,” “Stranger Things” and “Wednesday,” and films such as “KPop Demon Hunters” and “Frankenstein.” She also pushed Netflix into more live sports and events like “The Roast of Tom Brady” and deals with the NFL and WWE.
But in recent months, as Netflix growth has slowed, so too has the aura around its original programming. The streamer won just 16 Primetime Emmy awards this year — down from 30 in 2025 and quite a distance from 2021, when it tied the record for most Emmys won by an outlet in a single year, with 44. All told, 2026 was Netflix’s lowest Primetime Emmy haul since 2016.
“I know this is a big change in a year that has already had its share,” Sarandos wrote in a memo to staff. “But I also see an opportunity to take our slate to the next level, especially in UCAN [United States and Canada] where we have an outsize impact in creating big, buzzy hits that our members love and drive conversation around the world.
Rice’s own ousting at Disney in 2022, by then-CEO Bob Chapek, was a huge shock to the industry given his stature at the company. A well-regarded executive with strong talent relations, Rice was most recently chairman of Walt Disney Television and chairman of general entertainment for the Walt Disney Company. There he oversaw ABC, FOX Broadcasting, Fox Sports, ABC News, ABC Studios, Disney Channel, Freeform, FX Networks, Hulu, National Geographic, Onyx Collective, Disney Television and Twentieth Century Fox Television, with more than 300 shows and 4,000 hours of television a year. Programs during his tenure included “The Simpsons,” “American Idol,” “Modern Family,” “This Is Us,” “The Bear,” “Abbott Elementary,” “Shogun” and “Only Murders in the Building,” along with ABC News programming and sporting events such as the Super Bowl, NBA Finals and FIFA World Cup Finals.
Since he was let go from Disney, Rice worked as a producer on movies such as Jason Reitman’s “Saturday Night,” “28 Years Later” and “28 Years Later: The Bone Temple” at Sony, as well as “Warfare” and Chris Rock’s “Misty Green” at A24. He is currently producing Alex Garland’s “Elden Ring” and Sonoya Mizuno’s “Stages,” as well as as well as the opening and closing ceremonies for the LA28 Olympic and Paralympic Games.
Earlier in his career, Rice was president of 21st Century Fox and CEO of Fox Networks Group, and Fox’s lead executive on the Hulu board. He also worked at Fox Searchlight Pictures and worked on indie favorites like “Slumdog Millionaire,” “Juno,” “Little Miss Sunshine” and “Sideways.”
“Peter is one of the most effective at-scale operators in the entertainment industry. His business acumen is sharp, his talent relationships are exceptionally strong, and his experience across TV and film is deep and broad,” Sarandos said. “He understands what makes stories resonate, and he’s spent his career helping talent do the best work of their lives. I’m excited to welcome him to Netflix as chief content officer as we continue to scale and deliver members more of the stories they love.”
Added Rice, “Netflix has fundamentally changed the way stories are made, shared and experienced around the world. 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.”
Mike Schneider contributed to this report.