Activision CFO Fired, Joins Netflix

Activision CFO Fired, Joins Netflix

There's only a single mention in Netflix's press release of his role at Activision.

Activision Blizzard has revealed that its chief financial officer Spencer Neumann has had his contract terminated for "cause unrelated to the Company's financial reporting or disclosure controls and procedures". In a PR statement, it said that he was "terminated for cause for violating his legal obligations to the Company".

As of today, his replacement will be Dennis Durkin, who joined Activision Blizzard in 2012 as the Chief Financial Officer and then becoming its Chief Corporate Officer in 2017.

Activision in its regulatory filing said that it meant to terminate Neumann "for cause unrelated to the company's financial reporting or disclosure controls and procedures".

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The Daily Telegraph understands Mr Neumann will be joining the streaming provider this year. Back in August, Wells said he planned to leave the firm after helping find his replacement.

Neumann will be on leave pending an opportunity to demonstrate why he shouldn't be let go, the company said Monday in a regulatory filing. A separate report from HollywoodReporter states that Neumann is expected to move to Netflix following his departure. The source told Reuters that Netflix wanted its next CFO to be based in Los Angeles, which Neumann is.

Neumann received $9.47 million in total compensation during Activision Blizzard's most recent fiscal year. Neumann also worked at Disney prior to coming on as CFO at Activision Blizzard.

The news saw Activision's shares fall by almost 1 percent in after-hours trading.

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