Netflix is facing a leadership shakeup as two senior executives have announced their departures within a single week. Dan Lin, the head of the film division, is stepping down after nearly three years in the role. This follows the departure of content chief Bela Bajaria, who is leaving after a decade at the company.
Former Disney executive Peter Rice has been appointed to replace Bajaria. Rice will also oversee the film department on an interim basis until a permanent successor for Lin is named. These changes occur as co-CEO Ted Sarandos expressed concern that the company's growth rate is failing to meet internal expectations.
The company is currently under pressure due to shifting viewer habits, with data indicating that audiences are spending more time on creator-led platforms like YouTube. Netflix shares have declined by more than 40 percent over the past year, and investors are awaiting the third-quarter earnings report scheduled for release after market close on Tuesday.
In addition to executive turnover, Netflix recently initiated a global workforce reduction. The company is cutting approximately 6 percent of its staff, which equates to about 1,000 positions. The layoffs primarily impact the product, technology, legal, and human resources departments.
