Netflix has trimmed its product division, cutting several dozen jobs as part of an internal reorganization. The move is a small-scale strategic adjustment, affecting less than 1% of the team, rather than a large-scale workforce reduction.
A change of guard: The reorganization comes shortly after Elizabeth Stone was promoted to the newly created role of Chief Product and Technology Officer. Her appointment follows the departure of former product chief Eunice Kim last September, with Stone now overseeing the company's product, engineering, and data groups.
The $83 billion backdrop: The cuts targeted middle management and administrative roles, leaving senior leadership untouched. This fine-tuning of the product team is set against the backdrop of Netflix’s pending $83 billion acquisition of Warner Bros. Discovery's studio and streaming assets, which still needs regulatory approval.
This minor restructuring appears to be a calculated move to optimize the product division under new leadership as Netflix prepares for the monumental task of integrating WBD's assets. The layoffs, while small, are part of a much larger trend of workforce reductions across the tech sector, with giants like Amazon also recently cutting staff.
