Netflix Appoints Former Disney Executive Peter Rice as Chief Content Officer
Netflix Inc. (NFLX) has named media executive Peter Rice as its new chief content officer, effective Oct. 26. Rice, who previously held senior leadership roles at The Walt Disney Co. (DIS) and 21st Century Fox, succeeds Bela Bajaria as she steps down after nearly a decade with the company. Netflix stock moved higher in after-hours trading following the announcement.
In his new role, Rice will direct global efforts across scripted and unscripted television development, feature films, and live events. The leadership transition comes as the streaming company works to refresh its content portfolio while managing operational costs. Netflix has experienced challenges in launching major new hit series, seen lower viewership for second seasons of existing programs, and recently trimmed its workforce by approximately 1,000 employees.
Rice brings extensive experience overseeing traditional television networks, digital streaming operations, and film studios. Co-Chief Executive Officer Ted Sarandos highlighted Rice's operational track record and talent management background. Investors will be observing whether the executive shift helps accelerate growth for the streaming service, whose stock has declined around 23% year-to-date.
Key points
- Netflix Inc. (NFLX) named former Disney executive Peter Rice as its chief content officer, effective Oct. 26.
- Rice succeeds Bela Bajaria, who is stepping down after nearly 10 years at the company.
- The role covers global oversight of scripted and unscripted television, feature films, and live events.
- The shift follows recent challenges for Netflix, including slowing growth and a reduction of roughly 1,000 jobs.
- Shares of Netflix rose about 1.5% in after-hours trading after closing up 2.89% during regular market hours.
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Who is the new chief content officer at Netflix?
Netflix appointed Peter Rice, a former general entertainment chairman at Disney and president of 21st Century Fox, as chief content officer starting Oct. 26.
Why did Netflix replace its content chief?
The transition comes as Netflix faces slowing growth, lower viewership for returning series, fewer Emmy wins, and recent staff reductions of about 1,000 employees.
How did Netflix stock perform after the executive news?
Shares of Netflix rose roughly 1.5% in after-hours trading following the announcement, building on a 2.89% gain during regular market hours.