Former Disney executive Peter Rice becomes Netflix's chief content officer on Monday, Oct. 26, the effective date the Los Gatos-based streamer set when it announced the change. He replaces Bela Bajaria, who is leaving after nearly 10 years.
What Rice runs
- Scope: Rice leads Netflix's global content organization, including scripted and unscripted series, film and live events, Netflix said.
- Background: He was most recently chairman of Walt Disney Television and chairman of general entertainment at Disney, overseeing ABC, FX, Hulu and National Geographic, among others. Earlier he was president of 21st Century Fox and president of Fox Searchlight Pictures.
"Peter is one of the most effective at-scale operators in the entertainment industry," co-CEO Ted Sarandos said. Rice said Netflix has "shown again and again that they're willing to take chances on distinctive voices and fresh ideas."
A shake-up year
The leadership change was announced a day after Netflix began layoffs eliminating about 6% of its workforce, or roughly 1,000 jobs, CNBC reported. Bajaria had been focused on the company's live sports strategy. CNBC said Netflix shares were down more than 20% this year at the time of the announcement.