Netflix dropped a bombshell on Hollywood Thursday: Chief Content Officer Bela Bajaria, the architect of hits like "Bridgerton," "Squid Game" and "Arcane," is leaving the streamer after a decade, and former Disney television chief Peter Rice is stepping in to replace her, effective Oct. 26.

The move, confirmed by Deadline and first reported by Puck, lands just a day after Netflix told staff it was cutting roughly 6% of its workforce — about 1,000 jobs, its biggest round of layoffs since 2022 — as the company grapples with slowing subscriber engagement and a stock price down nearly 40% over the past year.

A Decade-Defining Exit

Bajaria joined Netflix in 2016 after producing "Unbreakable Kimmy Schmidt" at NBCUniversal, rose to head of global content in 2020, and was named Chief Content Officer in 2023. Under her watch, Netflix leaned hard into live programming, striking deals for NFL games, WWE matches and the upcoming 2027 FIFA Women's World Cup. Co-CEO Ted Sarandos credited her with "enormous changes" at the company in a staff memo, saying he wanted "to thank Bela for a decade of dedication, innovation, creativity and leadership," according to TheWrap's report. Bajaria has not issued a public statement on her departure.

"PETER IS ONE OF THE MOST EFFECTIVE AT-SCALE OPERATORS IN THE ENTERTAINMENT INDUSTRY," Sarandos said of his pick to replace her.

Rice brings a résumé built inside two rival media empires. He ran Fox Searchlight when it produced "Slumdog Millionaire," "Little Miss Sunshine" and "Juno," later became president of 21st Century Fox, and then chaired Disney's television and general-entertainment divisions after Disney absorbed Fox's assets — until then-CEO Bob Chapek abruptly ousted him in 2022. Since then, Rice has produced films including "Saturday Night," "Warfare" and the "28 Years Later" franchise, per Bloomberg's reporting on the appointment.

"Netflix has fundamentally changed the way stories are made, shared and experienced," Rice said in a statement, adding that he's looking forward to "helping bring more great stories to members."

The reshuffle comes amid a rockier stretch for the streamer than its dominant market position suggests. Netflix recently walked away from a bid for Warner Bros. Discovery, lost high-profile talent including director David Fincher's production deal, the Duffer Brothers (to Paramount) and Noah Baumbach (to Warner Bros.), and now faces a resurgent rival in Skydance's newly merged Paramount-Warner Bros. operation. Streaming analysts note that YouTube has overtaken Netflix in U.S. TV viewing share, pressuring the company to prove its content engine can still deliver.

Whether Rice's arrival signals a pivot back toward theatrical-style prestige filmmaking — the kind he championed at Searchlight — or simply a fresh face for anxious shareholders remains to be seen. Netflix shares closed up 3% on the news.