New Boss, Fewer Jobs: Netflix Resets Its Streaming Strategy

Businessman raising fists as colleagues applaud in office — Photo: Shakirov Albert / Shutterstock

Netflix replaced its content boss and cut about 1,000 jobs within days, signaling a hard pivot in how the streamer chases hits and growth.

Story Snapshot

Peter Rice will take over as chief content officer, succeeding Bela Bajaria after her near-decade run.
The move lands as Netflix faces slower growth and higher pressure to boost engagement.
About 6% of staff, roughly 1,000 jobs, were cut near the leadership change.
Netflix says it will keep investing heavily in content while aiming to raise member satisfaction.

Netflix Names Peter Rice To Lead Global Content

Netflix said Peter Rice, a veteran of Disney and Fox, will become chief content officer on October 26. He replaces Bela Bajaria, who led Netflix’s global content group and is departing after nearly a decade. The company framed the shift as part of its push to scale and serve members around the world. Rice’s remit spans series, films, and live events, matching the broad scope of Bajaria’s role.

Chief Executive Ted Sarandos praised Bajaria’s work and welcomed Rice while stressing continued growth goals. Reports tied the appointment to a period of slower engagement growth and competitive pressure across streaming. Netflix did not state a performance failure as the reason for Bajaria’s exit. The change affects the leader who sets the slate, which often becomes the lever companies pull when they want steadier results from expensive programming bets.

Layoffs Underscore A Strategic Reset

Coverage linked the executive move to job cuts of about 6% of staff, or around 1,000 roles. Those cuts were the largest since 2022, and they came right as Rice’s appointment became public. The timing added weight to the idea of a reset, even if Netflix did not connect the dots directly. For workers and creators, it read as belt-tightening while the company tries to improve its “batting average” with fewer, stronger hits.

Investors and rivals are watching whether Rice tilts the slate toward more reliable brands or live formats. Bajaria had steered global series and films and worked on live events and sports explorations. Rice brings deep experience from legacy media, where franchises, disciplined pipelines, and global windows are core. That background could guide Netflix as it tests live specials, limited sports rights, and ad-supported tiers to widen reach and stabilize viewing.

Growth, Engagement, And The Content Spend Path

Netflix’s third-quarter fiscal year 2023 call laid out a simple playbook: increase engagement, satisfy members, and invest in content at scale. Executives targeted about $17 billion in cash content spending for 2024 and said investment would rise over time. That spending aims to fuel stickier viewing and reduce churn, especially as competition for attention has grown and the cost of premium shows and films keeps climbing.

BREAKING: Netflix chief content officer Bela Bajaria is leaving amid the streamer's engagement slump and failed Warner Bros. bid. And her replacement is a familiar name.

More from @mattbelloni: https://t.co/CCrjxTgqMH

— Puck (@PuckNews) October 15, 2026

The company’s challenge mirrors a wider industry pattern. Subscriber growth has cooled from breakneck rates, and attention is split across social video, games, and sports. Leadership changes often follow because content chiefs own the slate that drives sign-ups and hours watched. The facts here are clear: Rice steps in with a global brief, layoffs set a tougher tone, and Netflix says it will keep spending to win time from viewers while pushing for better, cleaner results.