Netflix has replaced longtime content chief Bela Bajaria with Peter Rice, a former Disney and Fox executive, in a leadership shake-up that followed roughly 1,000 job cuts — about 6% of the company's workforce — the day before.

Bajaria, who joined Netflix in 2016 and became chief content officer in January 2023, oversaw the company's expansion into live sports and events during her tenure. Rice, effective Oct. 26, will oversee Netflix's global content organization across scripted and unscripted series, film and live events. Co-CEO Ted Sarandos praised Bajaria's contributions while describing Rice as one of the industry's most effective large-scale operators.

The move comes as Netflix grapples with lagging user engagement and a stock price down nearly 40% over the past year.