Activision Blizzard fires CFO, joins Netflix

Activision Blizzard fires CFO, joins Netflix

During the 2018 fiscal year, a filing reports that Neumann collected $9.47 million in total compensation from his former company. 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.

Today Netflix announced a new Chief Financial Officer (CFO).

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

A 1.2% decrease in Activision Blizzard's share price followed this announcement. It has placed him on paid leave, pending his ability to "demonstrate why cause does not exist to terminate his employment or why termination of his employment is not otherwise justified", as written in a regulatory filing made by the company.

Neumann commented: "Netflix is a singular brand, and I'm excited and honored for the opportunity to work with the Netflix team and all of our stakeholders to build on the company's exceptional track record of success and innovation".

He's held various other senior executive roles at Disney, including executive vice-president of the ABC Television Network from 2001 to 2004 and CFO of the Walt Disney Internet Group from 1999 to 2001. Meanwhile, Durkin joined Activision Blizzard as CFO in 2012 and served in that role until around Neumann's hiring in 2017.

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.

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