Activision-Blizzard CFO Fired for 'Causes Unrelated to the Company's Financial Reporting'

03 January, 2019, 05:26 | Author: Sally Reid
  • Visitors look at a presentation at the Acti Vision Blizzard exhibition stand during the Gamescom 2013 fair in Cologne

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".

Netflix has confirmed rumors from earlier this week and officially announced that it is hiring Spencer Neumann as its new chief financial officer, just days after he was placed on leave pending firing from that same role at Activision Blizzard. 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.

Chief Corporate Officer (COO) Dennis Durkin will act as the company's CFO in the meantime, according to a filing. Before joining Activision Blizzard, Neumann served as CFO and executive vice president of Global Guest Experience for Walt Disney Parks and Resorts from 2012-2017. Activision Blizzard, for its part, has not commented on Neumann's departure from the company beyond the statements included in its SEC filing.

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Activision Blizzard has had a bit of a turbulent year, owing to a steady to decline in that all-important monthly active user (MAU) count, with weak growth across many of its major properties. Now he returns to being CFO going forward.

If Neumann ultimately ceases to be the CFO, then Durkin will take over the role, the company said.

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



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