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Netflix co-CEO Ted Sarandos has replaced Chief Content Officer Bela Bajaria with Peter Rice. The move follows significant layoffs and slowing engagement growth at the streaming giant.
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Netflix has appointed former Disney executive Peter Rice as its new Chief Content Officer, replacing Bela Bajaria. The leadership change coincides with recent layoffs affecting approximately 1,000 employees.
Netflix is cutting approximately 1,000 jobs, or 6% of its workforce, in its largest reduction since 2022. The cuts target HR, legal, product, and tech teams as the company faces slowing revenue growth and increased competition.
Netflix is eliminating approximately 1,000 positions, or 6% of its workforce, as it faces slowing engagement and a 40% drop in share price. The cuts primarily affect product, technology, legal, and HR divisions.
