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

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

Since then, Activision Blizzard has said in a press release that Neumann was "terminated for cause for violating his legal obligations to the company", a violation that in all likelihood looks to be related to his quick jump over to Netflix.

Neumann might be out, but another big-name company has picked him up: Netflix.

In a recent securities filing from Activision Blizzard Inc., it was revealed that the company's current Chief Financial Officer (CFO) Spencer Neumann is pending termination from his role for matters that aren't related to financial performance.

CNBC reports the share price for Activision Blizzard dropped by 1 percent after the news became public of the company's plans.

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Activision Blizzard is one of the most successful standalone interactive entertainment companies.

Neumann had been Activision Blizzard's CFO since May 2017. He replaces David Wells, who in August said he planned to step down after 14 years at the streaming media giant.

The company further added that Neumann is on paid leave, and now has the opportunity to 'demonstrate why cause does not exist to terminate his employment or why termination of his employment is not otherwise justified'. Previously, he had been CFO and EVP of global guest experience at Disney's Walt Disney Parks and Resorts division since 2012. Reuters' sources say Netflix would like its next CFO to be based in Los Angeles with a focus on production finance. Netflix is expected to announce the news in the next few days.

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

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