Activision CFO Fired, Joins Netflix

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The California-based publisher announced that chief financial officer Spencer Neumann was notified on December 31 that his contract with Activision Blizzard was terminated.

Neumann received $9.47 million in total compensation during Activision Blizzard's most recent fiscal year. Activision shares are down 26 per cent in 2018, and could decline even further.

The company made a decision to terminate Neumann's contract "for cause unrelated to the Company's financial reporting or disclosure controls and procedures", Activision Blizzard said in US Securities & Exchange Commission filing.

News outlets have reported that no start date has been announced.

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A source close to the issue has said that this all occurred after Netflix had poached Neumann to take on the role as CFO at the streaming company.

Neumann did not immediately respond to Reuters request for comment over LinkedIn. Now he returns to being CFO going forward. Mr. Neumann has been placed on a paid leave of absence from the Company pending an opportunity for him to demonstrate why cause does not exist to terminate his employment or why termination of his employment is not otherwise justified. Meanwhile, Durkin joined Activision Blizzard as CFO in 2012 and served in that role until around Neumann's hiring in 2017. In the interim, former CFO Dennis Durkin will be acting CFO and will regain the position permanently if Neumann's firing stands.

"Spencer is a stellar entertainment executive and we're thrilled that he will help us provide awesome stories to people all over the world", said Reed Hastings, Netflix Chief Executive Officer.

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