Huge Netflix Talent Exits, New Replacement Announced Amid 1000 Layoffs

Devanshi BasuFri, October 16, 2026 at 4:52 AM UTC

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Photo Credit: Netflix

Netflix has confirmed a sweeping leadership change on the heels of its largest staff reduction to date, with a huge talent leaving the company. The announcement landed barely a day after the streamer cut roughly 1,000 jobs.

Bela Bajaria exits Netflix as new CCO is announced

Bajaria first joined Netflix in 2016 to run its unscripted TV slate. The company promoted her to Chief Content Officer in January 2023. For weeks, industry chatter suggested she was on the way out, but the streamer publicly denied those reports each time. Her exit now came as the platform confronts decelerating growth and restless investors.

Rice inherits oversight of all Netflix content, spanning scripted and unscripted series, films, and live events. He starts October 26. His résumé includes stints running Fox Searchlight, Fox Networks Group, and Walt Disney Television, where he worked as Chairman before his 2022 dismissal. One gap stands out: he has little direct streaming experience (via Deadline).

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The timing intensifies scrutiny on the platform’s performance. Netflix shares have shed more than 40% over the past year, and engagement climbed just 2% in the first half of the year to 97 billion hours viewed. Several returning series have posted season-to-season ratings declines, and the service has not produced a breakout cultural hit in over a year—pressures that likely factored into Bajaria’s exit.

The 1,000 layoffs, equal to 6% of the workforce, hit product, technology, legal, and HR teams hardest. Co-CEOs Sarandos and Peters framed the cuts as a need to focus resources on high-impact areas while maintaining full-year forecasts. Rice called the opportunity compelling, saying, “Netflix has fundamentally changed the way stories are made, shared and experienced around the world. They’ve shown again and again that they’re willing to take chances on distinctive voices and fresh ideas. And I’m excited to work with the team to help bring even more great stories to members everywhere.”

Netflix reports third-quarter earnings on October 20, giving Wall Street its first chance to react to the reshuffle.

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Source: “AOL Money”