Netflix replaces chief content officer with Peter Rice

Netflix has replaced its chief content officer, Bella Bajaria, with Peter Rice, a former Disney executive, and fired its head of film, Dan Lin. Bajaria had overseen the company's $20 billion content budget for more than a decade, while Lin had greenlit or acquired 88 movies since joining the firm in 2024. Rice previously led Disney's television entertainment business before his departure in 2022. This leadership change comes as Netflix contends with slowing growth, with its stock down nearly 40% over the past year and approximately 1,000 employees laid off just before the announcement. The company is currently growing at an annual rate of 13%, which is below tech-sector norms, and trades at five times revenue compared to Disney's two times. Analysts suggest the move is a signal to the market that Netflix is addressing its growth trajectory, though some argue it unfairly targets a successful executive while ignoring strategic failures at the top. The company faces pressure to pivot toward shorter-form content or sports to maintain its growth momentum.