In an SEC filing yesterday, Activision Blizzard announced that it was terminating the contract of Spencer Neumann, chief financial officer “for cause unrelated to the Company’s financial reporting or disclosure controls and procedures.” The company has put him on paid leave and put the onus on Neumann to demonstrate why he should still be employed.
Though the reason for Neumman’s departure was not immediately clear, Reuters is now reporting that Netflix is hiring Neumann to be the streaming giant’s CFO. Before his time at Activision, Neumann served as the CFO of Disney Parks and Resorts division. Netflix confirmed the appointment on January 2nd.
In the meantime, chief corporate office Dennis Durkin is filling Neumann’s role, and will take it over if Neumann leaves. Durkin was the company’s CFO until May 2017 when he assumed his current position.
This shuffling comes on the heels of Activision Blizzard reporting a loss of seven million monthly active users (down to 345 million) from the previous quarter, and Destiny 2 not performing to the company’s expectations, among other financial concerns.
This article has been updated since its original posting on December 31 to include information about Neumman’s reported departure to Netflix and Netflix’s confirmation.