Netflix Shakes Up Top Ranks, Replacing Its Chief Content Officer

Bela Bajaria, Netflix’s chief content officer and a senior executive there for the last decade, is leaving the streaming service immediately, the company announced on Thursday.Peter Rice, a former Fox and Disney executive, will take over as chief content officer next week, Netflix said.The company made the abrupt, major leadership change as it confronts stalling engagement figures and slowing growth.A day earlier, Netflix laid off roughly 1,000 people, its biggest round of job cuts since 2022.Netflix made an aggressive push late last year to buy Warner Bros.

Discovery’s studio and streaming business, but lost to Paramount Skydance in a bidding war.(Skydance, which is run by David Ellison, absorbed all of Warner Bros.

Discovery last week, for $111 billion.) Over the last 12 months, Netflix’s share price has dropped nearly 40 percent.“Overall, we’re not growing as fast as I want us to, and we’re working on making that move faster,” Ted Sarandos, the company’s co-chief executive, said at a Bloomberg conference a few weeks ago.On Thursday, he told staff in a memo: “It’s been an eventful series of days here, and I realize we’ve asked you to absorb a lot of news and a lot of information.But we all know change is what we do at Netflix.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.

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