# Netflix leadership and organizational restructuring > Live situation record from CLSTR: https://clstr.news/situations/netflix-leadership-and-organizational-restructuring > Updated: 2026-10-18T20:03:39.000Z. Sources: 71. Developments: 3. Netflix has undergone a significant leadership transition following the dismissal of Chief Content Officer Bela Bajaria. The company announced that Peter Rice, a former executive at Disney and Fox, will take over the role to oversee global content organization, including scripted and unscripted series, films, and live events. Rice is scheduled to officially assume the role on October 26 and will oversee the film division on an interim basis until a permanent successor for Dan Lin is named. This change is part of a broader restructuring effort at the streaming service. Netflix has implemented a workforce reduction affecting approximately 6% of its global staff, which equates to roughly 1,000 positions across departments such as technology, product, legal, and human resources. Leadership indicated these moves aim to optimize resource allocation and improve content quality amid intense competition from platforms like Disney+, HBO Max, and Amazon. Recent developments indicate these measures come as the company faces mounting pressure from Wall Street, following a stock price decline of more than 40 percent during 2026. Despite maintaining a subscriber base exceeding 325 million, Netflix is reportedly struggling with slowing growth and a decline in viewer time relative to competitors like YouTube. Co-CEO Ted Sarandos noted the company is “not growing as rapidly as desired.” In a further expansion of the leadership overhaul, Netflix has dismissed Dan Lin, the head of film, who joined the company in early 2024. His departure, along with that of film VP Doug Belgrad and independent film head Sheroum Kim, coincides with a reassessment of content spending and creative strategy. Reports suggest Lin’s exit followed tensions regarding production strategies and creative disagreements, including friction surrounding Greta Gerwig’s upcoming ‘Narnia’ adaptation. ## Claims - Peter Rice, a former Fox and Disney executive, will replace Bela Bajaria as Chief Content Officer. (disputed by 19 sources) - Peter Rice has succeeded Bela Bajaria as Chief Content Officer. (disputed by 18 sources) - Netflix's stock price has fallen by more than 40% during 2026. (disputed by 8 sources) - Netflix's stock price has declined by 40% over the past year. (disputed by 2 sources) - Netflix laid off approximately 1,000 employees, representing about 6% of its workforce. (corroborated by 26 sources) - Dan Lin has been dismissed as Netflix’s head of film. (corroborated by 21 sources) - Bela Bajaria has left her position as Chief Content Officer. (corroborated by 21 sources) - Chief Content Officer Bela Bajaria is leaving the company on October 26 after nearly a decade. (corroborated by 18 sources) - Film VP Doug Belgrad and independent film head Sheroum Kim are also leaving the company. (corroborated by 12 sources) - Co-CEO Ted Sarandos stated the company is not growing as fast as he would like. (corroborated by 12 sources) - The layoffs hit product, technology, legal, and human resources departments. (corroborated by 9 sources) ## Timeline ### 2026-10-18: Netflix dismisses chief content officer Bela Bajaria Netflix has dismissed chief content officer Bela Bajaria as NFL football continues to dominate streaming viewership numbers. 2 sources. https://clstr.news/cluster/netflix-dismisses-chief-content-officer-bela-bajaria ### 2026-10-18: Netflix undergoes major leadership overhaul and layoffs Netflix is restructuring its leadership and laying off 6% of its workforce following concerns over slowing growth and viewer engagement. Bela Bajaria and Dan Lin are departing the streaming giant. 59 sources. https://clstr.news/cluster/netflix-implements-mass-layoffs-and-leadership-changes ### 2026-10-15: Netflix replaces Chief Content Officer Bela Bajaria with Peter Rice Netflix has appointed Peter Rice as its new Chief Content Officer, replacing Bela Bajaria amid a restructuring plan that includes laying off 1,000 employees. 11 sources. https://clstr.news/cluster/netflix-replaces-chief-content-officer-bela-bajaria-with-peter-rice --- Cite as: Netflix leadership and organizational restructuring. CLSTR, https://clstr.news/situations/netflix-leadership-and-organizational-restructuring