Economy

Activision Plans to Fire CFO Neumann, Puts Him on Paid Leave

Activision Plans to Fire CFO Neumann, Puts Him on Paid Leave

The company did not provide a specific reason for the announcement about Chief Financial Officer Spencer Neumann but said it is "unrelated to the company's financial reporting or disclosure controls and procedures".

Activision Blizzard, the gaming giant behind franchises like Call of Duty, Overwatch, World of Warcraft, and Diablo, has lost one of its senior executives.

Neumann, 48, received $9.47 million in total compensation in Activision Blizzard's most recent fiscal year, a filing says.

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Activision in its regulatory filing said that it meant to terminate Neumann "for cause unrelated to the company's financial reporting or disclosure controls and procedures".

Netflix is expected to announce a new CFO by the end of the first week of the new year.

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.

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Dennis Durkin was the CFO for Activision Blizzard from 2012 to 2017, a period where their stock grew from roughly $11 per share to $50.

Neumann did not immediately respond to Reuters request for comment over LinkedIn. Activision Blizzard filed form 8-K with the United States Securities and Exchange Commission on December 31st stating they notified Neumann of his termination and would give him paid leave until it was fully determined if the firing with cause was justified.

The publisher didn't specify what the cause was, but Reuters reports that Neumann was poached by Netflix and will be the streaming company's new CFO.

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Neumann has served in a variety of finance roles including at Walt Disney Co.