Netflix named Peter Rice, the former chairman of Walt Disney Television, as its new chief content officer on Thursday, replacing 10-year veteran Bela Bajaria. Rice will oversee all global content including scripted and unscripted series, film and live events.
The move comes as Netflix grapples with slowing viewership growth and engagement. In July, the streamer reported viewership increased just 2%, and co-CEO Ted Sarandos acknowledged the company is "not growing as fast as I want us to." Netflix generated 7.8% of TV viewership in July, trailing YouTube's 14.2%, according to Nielsen.
Bajaria led Netflix's $20 billion content budget and oversaw hits including "Stranger Things," "Wednesday," "Bridgerton," "Squid Game" and "Beef." She also pushed Netflix into live sports, securing deals with the WWE and NFL and producing events like "The Roast of Tom Brady."
The executive change follows Netflix's decision this week to lay off approximately 1,000 employees, or 6% of its workforce. Brian Pitz, managing director at BMO Capital Markets, said the layoffs "reflect more structural changes to the cost base than a reaction to near-term subscriber dynamics."
Rice spent over a decade at Disney managing broadcast and streaming channels including ABC, Disney Channel, Hulu and FX Networks. He oversaw production of more than 300 shows including "Abbott Elementary," "The Bear," "Only Murders in the Building" and "Shogun." Under his leadership, Disney earned roughly 300 Primetime Emmy nominations between 2021 and 2022, winning nearly 60. Netflix, by contrast, won only 16 Emmy awards this year, its lowest haul in a decade, down from 44 in 2021.
Rice was ousted from Disney in mid-2022 and has since worked as an independent producer on films including "Saturday Night" and "28 Years Later," currently developing a movie adaptation of the video game "Elden Ring."
Wedbush analyst Alicia Reese noted Rice's "unique insight into the consolidation of two major studios" from his tenure at Fox and Disney, potentially relevant if Netflix pursues acquisitions. Netflix is set to report fiscal third-quarter earnings on Tuesday.