Here's who Netflix just brought in to run content — and what it means for the streamer

Netflix is shaking up its C-suite in an effort to fix its engagement woes. On Thursday, the streaming giant announced that former Disney executive Peter Rice will take over as the company's chief content officer, overseeing global content organization, including scripted and unscripted series, film and live events. Rice is replacing 10-year Netflix veteran Bela Bajaria, who most recently led the company's global content team with a focus on its live sports strategy . Bajaria was initially hired in 2016 to help the streamer launch an unscripted division as well as licensing and studio co-productions. She later transitioned to the top creative role, spearheading Netflix's $20 billion content budget.