Netflix said Thursday that Peter Rice, a former Disney executive, will replace Bela Bajaria as its chief content officer, effective Oct. 26, CNBC and The Hollywood Reporter reported.

Bajaria, who most recently led the company's global content team, is leaving Netflix after nearly 10 years, CNBC reported. She joined the streamer in 2016 as a vice president, a few months after leaving NBCUniversal, where she had been president of Universal Television, The Hollywood Reporter said.

Rice most recently oversaw Disney's cable channels, news programming and coverage of major sporting events, CNBC reported. He is a veteran of 20th Century Fox and rose to oversee all of Disney entertainment before he was ousted by then-CEO Bob Chapek in 2022, The Hollywood Reporter reported.

"Peter is one of the most effective at-scale operators in the entertainment industry," co-CEO Ted Sarandos said in a statement, CNBC reported. "I'm incredibly grateful for everything she's done to help Netflix entertain the world," Sarandos said of Bajaria.

"[Netflix has] 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," Rice said in a statement, CNBC reported.

In a statement, Sarandos credited Bajaria with presiding over Netflix's growth in unscripted shows and its push into live events and sports, The Hollywood Reporter said. Rumors of her exit had spread in recent days, the outlet reported.

The change comes as Netflix cuts about 1,000 jobs, or roughly 6% of its workforce, both outlets reported. The cuts were the company's first layoffs in four years, The Hollywood Reporter said, as Netflix seeks a reset amid slowing viewership growth.

What we know: Rice takes over Netflix's content team on Oct. 26, and Bajaria is leaving.
What we don't: What Bajaria will do next, and whether Rice will make other changes at the top.