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.

Recommended:



Popular

WATCH THIS: Eagle lands on Notre Dame fan's arm before Cotton Bowl
However, Notre Dame has made a habit of defying the odds so far this season, so they're likely using the underdog status as fuel. The next season, as a 6.5-point 'dog again, the Tigers pulled off the upset in a thrilling 35-31 championship victory.

Two Indian women enter Sabarimala temple in Kerala amid protests
The temple was opened on December 30 for the Makaravillaku festival and there has been a heavy rush of pilgrims. Hinduism regards menstruating women as unclean and bars them from participating in religious rituals.

Kentucky Police Officers post photos 'grieving' over loss of doughnut truck
The New York City Police Department tweeted: "Hang tight, we are sending backup forthwith". "No words", the officers wrote . Police departments are showing their support for officers in Lexington, Ky . after a devastating loss .

Kevin Spacey asks to skip arraignment on sex assault charges
Spacey, an Oscar-winner, denies groping an 18-year-old in a restaurant in Nantucket, Massachusetts in 2016. Spacey's attorneys have not spoken publicly about the case but in a court hearing questioned the evidence.

Manchester City begin negotiations with Madrid over Fernandinho successor
Chelsea now have a five-point cushion in the race for a top-four finish and defensive reinforcements are clearly needed in January if Arsenal are to compete for a Champions League return.

Lincoln Included in Winter Weather Advisory Until Friday Morning
Dramatic video posted to Facebook showed crews working to reach the truck as water reached the vehicle's windshield. There is also the possibility of the snow being mixed with rain, which could also turn into light freezing drizzle.

TV actor Dipika Kakar stumps Sreesanth to win Bigg Boss 12
Termed one of the most controversial shows, Bigg Boss has experimented a lot with its format in all these years. "It was hard . I was very confident that " Big Boss " is about being you and I would be myself and that's the reason why I have won the show.

Tagovailoa outshines Murray to lead Alabama back to national title game
It's Alabama 45, Oklahoma 34, as the Heisman Trophy victor has thrown for two touchdowns and now run for another. I know it's a great season, and we've got a lot to be proud about, but coming up short wasn't the goal".

Patriots' Tom Brady says he 'absolutely' believes he'll be back in 2019
According to NFL Matchup on ESPN, the Steelers only have a 2.5 percent drop rate, which is good for fifth-best in the NFL. And I'm going to try to do it as best I possibly can. "I know I've talked about it for a long time".

Jon Jones reclaims UFC title in comeback fight
Nunes' punching power is often too much for her male sparring partners, and she carved up Justino with astonishing ease despite a size disadvantage.