Saturday, 19 October, 2019

Activision Blizzard is Firing CFO Spencer Neumann

The Netflix logo is seen on their office in Hollywood Los Angeles The Netflix logo is seen on their office in Hollywood Los Angeles California
Russell Knight | 02 January, 2019, 21:17

There's only a single mention in Netflix's press release of his role at Activision. Among the fallout, it looks like chief financial officer Spencer Neumann is set to pay the price as the company has filed for a termination of his contract.

While the reason for Neumann's firing may not have been financial, it appears to have had a financial impact on the company. With the share drop, Activision Blizzard is keen to emphasise Durkin's experience and the company's growth during his earlier tenure. Until then, chief corporate officer Dennis Durkin will be taking over and if Neumann does leave then Durkin will be stepping in to officially take the role of CFO at Activision Blizzard.

While a cause for the firing has not been mentioned, we read that it isn't related to "the company's financial reporting or disclosure controls and procedures".

A source told Reuters that Neumann is leaving Activision Blizzard to join video streaming giant Netflix. He will succeed David Wells, the 14-year veteran of the company who is leaving after serving as CFO since 2010. It also states that the paid leave of absence is in place to allow Neumann to demonstrate there is no cause to terminate his employment.

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Netflix didn't provide a start date for Neumann.

The details of the plans to let Neumann go can be found in a regulatory filing made by Activision Blizzard. Neumann came to the company from Walt Disney Co. and has been finance chief since May 2017.

At the time of this writing, investors don't appear to be anxious about the news, with Activision shares up 1.4%.

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