Netflix Content Chief Bela Bajaria Steps Down Amid Growth Slump

Netflix Chief Content Officer Bela Bajaria is stepping down from the streaming giant amid slowing growth and declining consumer engagement. According to a company statement, Bajaria will be replaced by Peter Rice, a former senior executive at 21st Century Fox and Disney.

Leadership Transition at Netflix

Bajaria worked at Netflix for nearly a decade and was considered one of Hollywood's most powerful women. She oversaw a budget of approximately $20 billion for global shows and films, supervising hits such as Squid Game and Wednesday, and pushing the company into live broadcasts and sports.

"I want to thank Bela for a decade of commitment, innovation, creativity, and leadership," said Ted Sarandos, Co-CEO of Netflix. "She has driven major changes at the company."

Challenges and Restructuring

Rice will take office on October 26. Netflix has recently struggled to find new hits to replace shows like Stranger Things and Bridgerton. Earlier this week, the company announced it is laying off 6% of its workforce, amounting to about 1,000 jobs globally.

Netflix also failed this year in its attempt to acquire Warner Bros., after its $72 billion offer was rejected in favor of a higher competing bid from Paramount. Meanwhile, Netflix stock has dropped 40% since the beginning of the year, increasing pressure on the firm.