Netflix, seeking to increase its viewing engagement as revenue growth slows, has made a major overhaul of its executive leadership overseeing content.
Last week, amid layoffs of 1,000 employees, Netflix ousted chief content officer Bela Bajaria and tapped TV veteran Peter Rice to replace her. The company also fired the film’s director Dan Lin and his top lieutenant, Doug Belgrade, as well as original series director Carolina Garcia.
During the streamer’s third-quarter 2026 earnings call, co-CEO Ted Sarandos — who previously led Netflix’s content operations for more than 20 years — explained the decision to install a new team overseeing its programming led by Rice.
“I know we could do better and we want to build on that momentum,” Sarandos said when asked about the change in direction on the content side.
Sarandos began by praising Bajaria “for all of her incredible contributions to Netflix. Bela has had an incredible decade here. She has put a lot of big hits on the board. She has led the teams through many expansions of new types of content. She has also worked hard to build this incredible international team, which has created local content around the world, which has become a big competitive differentiator for us over the last decade.”
That said, Sarandos continued, “We now saw an opportunity to take our roster to the next level, particularly in the United States, where we can have an outsized impact when we create a great animated show that members love and talk about all over the world.”
Sarandos said he has known Rice, a former television and film executive for Disney and 21st Century Fox, for about 15 years. At Disney, he was president of Walt Disney Television before being ousted by former CEO Bob Chapek in 2022.
“And I have to tell you, the excitement about him coming to Netflix from the entire industry and creative community has been nothing short of overwhelming. He’s one of the few people in the industry who runs television networks, movie studios and streaming services,” Sarandos said. “His creative instincts and business acumen are remarkable. He is truly a quality and volume operator at scale, and he does it in every form of entertainment imaginable. You know, (television) networks, prestige cable, streaming, theatrical and television films, and live sports.”
Sarandos said: “Most importantly…Peter Rice understands talent relationships, and in a competitive market, creative talent has a choice in where they want to work, and we want Netflix to always be the place where they love to do the best work of their lives. Peter is exactly the right person to lead these efforts in the United States and around the world. Now, this is a key aspect of what I think Peter can improve for the future.”
A little later in the call, Sarandos sang Rice’s praises again.
“Peter brings expertise in both art and commerce, television and film. It’s sort of that precise balance of skills that will help us get through our next chapter,” Sarandos told Wall Street analysts. “Now, there’s a lot to be excited about for our fourth-quarter slate, and a lot to be excited about in 2027. And I believe Peter will really be able to make an impact on the projects at hand, even in the short term.”
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