Netflix is getting a new content chief after a stock slump and viewership struggles

• Netflix is replacing its content chief after laying off about 1,000 employees.
• Former Disney and Fox executive Peter Rice will take the role from departing Bela Bajaria.
• Netflix has gone through a bruising period as Wall Street questions its long-term direction.

Netflix, which had more than 325 million subscribers as of its last disclosure in January, remains the clear leader among paid streaming services. That said, Rice will have to figure out the right content mix to fend off both its Hollywood rivals and social-media competitors like Instagram and TikTok.