Netflix Inc’s (NASDAQ:NFLX) senior-level management is in for a major revamp.
What Happened: Bela Bajaria will be spearheading the streaming video on demand platform’s Global Television Division, according to a Bloomberg report on Tuesday.
Whereas Cindy Holland has decided to step down from her role as VP of Content Acquisition and Original Series.
In July, Netflix’s Chief Content Officer – Ted Sarandos, was promoted to the role of Co-CEO to work along with the current CEO at the time, Reed Hastings.
In the new role, Bajaria will overlook Netflix’s original series – both in English and in local languages. The original contender for the role was Holland, a Netflix veteran for almost close to two decades. Holland was attributed with playing a major role in licensing popular shows like “House of Cards,” “Stranger Things,” and “Orange is the New Black” from other companies. Reportedly, she would exit the company in October.
Why Does It Matter: Bajaria was the head of the local-language series division and Holland was more focused on North America. A Wall Street Journal report claimed that Netflix’s focus on international content and users is growing and this was one of the reasons why Bajaria was promoted over Holland.
After being appointed Co-CEO, this is the first shakeup by Ted Sarandos to streamline how the Netflix content team operates, as pe Bloomberg. In the new hierarchy for the content division, Scott Stuber will overlook the global film team and Bajaria will be responsible for the TV.
Price Movement: Although NFLX dropped 1.75% during trading hours on Tuesday, it rose marginally by 0.30% to close at $508.50 in the extended trading hours.