New Delhi, Oct. 17 -- Netflix is turning to former Disney executive Peter Rice to address its slowing viewership growth and engagement challenges, replacing long-time content chief Bela Bajaria as the streaming giant looks to strengthen its content strategy and compete for viewers' attention.

Announced on Thursday, Rice's appointment comes days after Netflix laid off roughly 1,000 employees, or 6% of its workforce. The leadership change also precedes the company's fiscal third-quarter earnings, scheduled for Tuesday, with Wall Street watching for signs of a slowdown in engagement.

In July, Netflix reported that viewership grew just 2% in the first half of the year. Co-CEO Ted Sarandos acknowledged last month that the company was "not gr...