Netflix announced on October 15, 2026 that Chief Content Officer Bela Bajaria is leaving the company after a decade, and that former Disney and Fox executive Peter Rice will take over the role beginning October 26, according to Deadline.

Rice will oversee all of Netflix's content — scripted and unscripted series, film, and live events — across all regions, per Variety.

The exit is striking because Bajaria's tenure produced some of Netflix's biggest cultural hits. She joined in 2016 after running Universal Television at NBCUniversal, was elevated to head of global in 2020, and became chief content officer in early 2023 following Cindy Holland's departure.

Under her leadership the streamer released hits like "Bridgerton," "Squid Game," "Stranger Things," "Wednesday" and "KPop Demon Hunters," and struck major live partnerships with the NFL and WWE.

The Hollywood Reporter notes Netflix's culture famously avoided mass layoffs, making this week's restructuring — and a CCO change atop it — an unusually sharp turn.

The reporting points to a business under pressure. TheWrap reports the layoffs came amid lagging user engagement in 2026, with the stock down nearly 40% from a year ago and viewership up only 2% in the first half of the year.

Variety adds that Netflix won just 16 Primetime Emmy Awards this year, down from 30 in 2025 and its lowest haul since 2016.

Several high-profile creatives have also exited their Netflix deals, according to TheWrap: David Fincher is set to leave in 2027, the Duffer brothers have moved to Paramount, and Noah Baumbach has gone to Warner Bros.

Rice is a veteran of Fox Searchlight, where he shepherded "Slumdog Millionaire," "Juno," "Little Miss Sunshine" and "Sideways," before becoming President of 21st Century Fox and CEO of Fox Networks Group.

After Disney acquired the studio, he chaired Walt Disney Television and served as chairman of General Entertainment, overseeing more than 300 shows a year including "The Bear" and "Only Murders in the Building," until Bob Chapek ousted him in 2022, as Variety recounts.

Co-CEO Ted Sarandos called him "one of the most effective at-scale operators in the entertainment industry."

Sarandos's staff memo, published by Deadline, framed the switch as a bid to "take our slate to the next level, especially in UCAN."

The Hollywood Reporter reports Netflix's push into live sports, video podcasts and creator content has not steadied engagement, and Sarandos said at the Bloomberg Screentime summit that "we're not growing as fast as I want us to."

TheWrap also reports Netflix is pivoting back to its film and television core just as Skydance — which took Warner Bros. from the streamer with a $111 billion merger — prepares to compete head-to-head.

Rice starts October 26, per Deadline, and Sarandos told staff he and co-CEO Greg Peters will host a companywide town hall on Wednesday, October 21 to discuss the week's changes. Alongside Bajaria, The Hollywood Reporter says film VP Doug Belgrad and several TV executives were also exited this week.

TheWrap reports Netflix is preparing a 45-day theatrical run for the Oscar hopeful "La Bola Negra," with Fincher's "Cliff Booth" film arriving in November and Greta Gerwig's "Narnia: The Magician's Nephew" slated for February 2027 — the slate Rice inherits.