Activision CFO Fired, Joins Netflix

03 January, 2019, 05:26 | Author: Corey Lynch
  • The Netflix Logo Is Seen On Their Office In Hollywood Los Angeles

In a PR statement, it said that he was "terminated for cause for violating his legal obligations to the Company".

Activision Blizzard has confirmed that it terminated the contract of its chief financial officer, Spencer Neumann, as of December 31, 2018.

Netflix is expected to announce a new CFO by the end of the first week of the new year.

Usually, Call of Duty and World of Warcraft continue to carry the torch for Activision Blizzard's profit margin, however CNBC reported a fall from 352 million monthly active users down to 345 million in the company's third quarter.

Activision Blizzard said in a securities filing Monday, that it was putting Neumann on paid leave and that he would subsequently be fired for cause unrelated to the company's financial reporting or disclosure procedures.

Chief Corporate Officer Dennis Durkin will assume the duties of CFO effective January 1 until the issue is resolved, Activision said in a regulatory filing. During his time as CFO, Activision Blizzard started to become scrutinized by the public for the increased cost of the games they released including DLC and pay to win models similar to their competition; it should be noted this continued into Neumann's tenure in the position. With the share drop, Activision Blizzard is keen to emphasise Durkin's experience and the company's growth during his earlier tenure. Durkin was CFO from 2012-2017. He replaces David Wells, who in August said he planned to step down after 14 years at the streaming media giant.

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



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