Published: Thu, January 03, 2019
Money | By Bruce West

Netflix Reportedly Hiring Former Activision Blizzard CFO After Being Terminated for Cause

Netflix Reportedly Hiring Former Activision Blizzard CFO After Being Terminated for Cause

What just happened? Netflix is reported to have found its new chief financial officer: Activision Blizzard's CFO.

Activision Blizzard is having a year of ups and downs. Activision shares are down 26 per cent in 2018, and could decline even further.

The SEC filing doesn't instantly boot Neumann from the company "for cause unrelated to the Company's financial reporting or disclosure controls and procedures".

According to Reuters, Neumann is expected to start at Netflix in early 2019, so an official announcement might be coming soon. In the interim, former CFO Dennis Durkin will be acting CFO and will regain the position permanently if Neumann's firing stands.

"Neumann received almost $10M in compensation in the company's previous fiscal year", states a report at DVS Gaming.

That Neumann joins Netflix from a video game publisher/developer and given that the news was announced less than a week after Netflix released the world's first interactive choose-your-own-adventure movie in partnership with TV series Black Mirror (Black Mirror: Bandersnatch), could mean that Netflix aims to develop more interactive movies. In May 2017 when Neumann was appointed CFO Durkin was named Chief Corporate Officer and held that role until his return to CFO.

Neumann will be on leave pending an opportunity to demonstrate why he shouldn't be let go, the company said Monday in a regulatory filing.

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

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