Netflix, still trying to claw back losses in its share value, has turned its axe toward the executive suite. The company had already carried out the largest downsizing in its history, cutting 6% of its workforce — a full 1,000 people. Now it has replaced the executives who steer its streaming strategy.

Peter Rice takes the chair

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Bela Bajaria, the Chief Content Officer who long shaped the platform's slate of series and films, has officially left Netflix. For the vacated role, the company has chosen Peter Rice, a seasoned executive who spent years in senior positions at Disney and Fox.

A purge on the film side too

The shake-up wasn't limited to overall content. Doug Belgrad, who served as vice president of film, has had his contract terminated, and it has been confirmed that Dan Lin, who led the film unit, has also been let go.

According to reports, Netflix plans to hand the film department to a new duo: Pam Abdy and Mike De Luca, who until recently ran Warner Bros.' film division. The two lost their seats after Paramount's acquisition of Warner Bros., making them a highly attractive transfer opportunity for Netflix.

How all these changes will play out on screen will only become clear with time.