Activision chief financial officer (CFO) Spencer Neumann will reportedly have his contract terminated with the company after a Form 8-K had been filed with the United States Securities and Exchange Commission.
“On December 31, 2018, Activision Blizzard, Inc. (the “Company”) notified Spencer Neumann, the Company’s current Chief Financial Officer, that the Company intends to terminate Mr. Neumann’s employment for cause unrelated to the Company’s financial reporting or disclosure controls and procedures,” reads the Form 8-K.
“Mr. Neumann has been placed on a paid leave of absence from the Company pending an opportunity for him to demonstrate why cause does not exist to terminate his employment or why termination of his employment is not otherwise justified.
“In light of the above, effective January 1, 2019, Mr. Dennis Durkin, our Chief Corporate Officer, will assume the duties of the principal financial officer (Chief Financial Officer) of the Company.
“In the event Mr. Neumann ultimately ceases to be the Chief Financial Officer, then Mr. Durkin will become the Chief Financial Officer.
“Mr. Durkin, 48, joined the Company in March 2012 as Chief Financial Officer and served in that role until May 2017. He has served in the role of Chief Corporate Officer since May 2017 through the present.”
Reuters reports that Netflix has plans to announce Neumann as its new CFO. Citing an unnamed source, the publication claims that he will take on the position at the subscription-based streaming service in ‘early 2019.’
It is added from the same source that Netflix is developing more in-house films and TV shows, meaning that the company would want the new CFO to be based in Los Angeles to ‘focus on production finance.’
Neumann, who has previously worked for Walt Disney, is based in northern California, which would make him an ideal candidate for the position.
In August 2018, Netflix confirmed that David Wells would step down as CFO after fourteen years with the company.
Despite announcing record Q1 financial results in 2018, Activision’s shares fell by 26 percent in the same year.
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