Netflix (NFLX) - Get Report announced that original content head Cindy Holland will be leaving the online streaming company after nearly 20 years, to be replaced by Bela Bajaria, a relative newcomer who will oversee all original series for Netflix globally.
Bajaria, who joined Netflix in 2016, had previously been in charge of unscripted programming and international content. Holland, meantime, was behind the development and production of Netflix's original series that put it on the small-screen map, including "House of Cards," Orange Is the New Black" and "Stranger Things."
The executive shakeup comes shortly on the heels of other changes in Netflix’s executive ranks, including Chief Content Officer Ted Sarandos becoming co-CEO alongside Reed Hastings - a move reportedly designed to "simplify" Netflix's global streaming content production.
"Since becoming co-CEO, I've wanted to simplify the way our content teams operate - with one global film team led by Scott Stuber and one for TV, which will now be led by Bela Bajaria,” Sarandos said in the memo.
It also comes as competition from the likes of Apple's (AAPL) - Get Report Apple TV+, Amazon's (AMZN) - Get Report Prime service and other players like HBO, which continue to nip on Netflix's heels in terms of signing up and retaining audiences with easy monthly payments.
"These kinds of changes are never easy, and I am enormously grateful to Cindy Holland for everything she has done over the last 18 years at Netflix," Sarandos said without providing additional detail. She will leave in October.
Bajaria, meantime, joined Netflix after running Comcast's (CMCSA) - Get Report Universal Television production arm, where among the shows she developed were the Netflix comedies "Unbreakable Kimmy Schmidt" and "Master of None."
At Netflix, she was initially in charge of unscripted content, and then added international programming to her portfolio. The shows she played a role in guiding most recently include "You," "Unorthodox," and the Mexican thriller "Dark Desire." She also greenlit the popular dating show "Indian Matchmaking."
Shares of Netflix were up 0.83% at $511.24 in trading on Wednesday.