Streaming giant Netflix (NFLX) has announced that Bela Bajaria, its long-time chief content officer, is departing the company.
Bajaria will be replaced as the company’s chief content officer by former Walt Disney Co. (DIS) executive Peter Rice effective on Oct. 26 of this year.
A reason for Bajaria’s departure was not given by Netflix. Rice, her replacement, most recently oversaw Disney’s cable TV channels, news programming, and coverage of sporting events.
Bajaria had been at Netflix for nearly 10 years and most recently led the company’s global content team.
Under her tenure, Netflix produced hit television shows such as “Stranger Things” and “Ozark.” It also moved into live sports and events, including professional wrestling and NFL football.
More recently, Bajaria had been focused on the company’s live sports strategy, looking to create events out of live contests and tournaments.
Her departure comes days after Netflix announced that it is cutting 6% of its global workforce, or about 1,000 jobs.
The company has been struggling in recent months with declining viewership and increased competition in the streaming space.
Netflix also lost out on its bid to acquire Warner Bros. Discovery to competitor Skydance (SKYD) earlier this year.
As the new chief content officer, Rice will be under pressure to grow live event broadcasts at Netflix and produce hit movies and television shows for the streaming giant.
Before Rice was at Disney, he held roles at 21st Century Fox and Fox Searchlight Pictures. Netflix called him “one of the entertainment industry’s most respected creative executives.”
The streaming company is scheduled to report its next quarterly financial results on Oct. 20.
NFLX stock has declined 39% in the past 12 months to trade at $72.61 U.S. per share.
