Netflix poaches its new CFO from Activision

Activision Blizzard intends to fire their Chief Financial Officer

On Wednesday, Activision Blizzard said Neumann was "terminated for cause for violating his legal obligations to the company", which suggests he may have breached his employment agreement with the company. There's only a single mention in Netflix's press release of his role at Activision. Neumann came to the company from Walt Disney Co. and has been finance chief since May 2017. Among the fallout, it looks like chief financial officer Spencer Neumann is set to pay the price as the company has filed for a termination of his contract. Netflix is expected to announce the news in the next few days.

On Monday, Activision Blizzard revealed in an SEC filing that it meant to fire Neumann for reasons "unrelated to the company's financial reporting or disclosure controls and procedures". As for now, all we do know officially is that Neumann is currently no longer the CFO of Activision Blizzard.

Dennis Durkin, Activision's chief corporate officer, is taking over from Neumann in the interim, although he will assume the role of CFO should Neumann depart the video game giant. Netflix's former CFO, David Wells, announced last August that he was leaving the company after 14 years.

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

According to the form, Neumann has already been notified and has been placed on paid leave of absence and has been given an unspecified amount of time to prove that his termination is not justified.

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

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