Netflix announced on Thursday that Bela Bajaria will be replaced by former Disney executive Peter Rice as the company's Chief Content Officer, effective from October 26th.

Rice is currently in charge of Disney's cable channels, news programs, and coverage of major sporting events.

Co-CEO Ted Sarandos stated in the declaration, " Peter is one of the most adept at large-scale operations in the entertainment industry. I am delighted to welcome him to join Netflix as Chief Content Officer, as we will continue to expand and bring more of the stories that our members love to them."

Before joining Disney, Rice held positions at 21st Century Fox and Fox Searchlight Pictures. In the announcement, he was described as "one of the most respected creative executives in the entertainment industry." In his new role, Rice will be responsible for the company's global content organization, including series, unscripted programs, films, and live events.

Rice said in the statement: “Netflix has time and again proven that they are willing to take risks for unique voices and fresh ideas. I am looking forward to working with the team to bring more wonderful stories to members around the world.”

After working at Netflix for nearly 10 years, Bajaria resigned and is now in charge of the company's global content team. Previously, she focused on the company's live sports strategy, attempting to create events around popular matches and championships.

Sarandos said in the statement, "I am very grateful for everything she has done to help Netflix entertain the world."

One day before this announcement was made, Netflix had just carried out a company-wide layoff, reducing the workforce by about 6%, which amounts to approximately 1,000 positions.

This media company will release its financial report for the next quarter on Tuesday.

This is breaking news; updates will follow.