Activision Blizzard fires Neumann, Reappoints Durkin as CFO

The Netflix logo is seen on their office in Hollywood Los Angeles

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.

Netflix is expected to announce in the next few days that it has poached media finance veteran Spencer Neumann from Activision Blizzard to be its chief financial officer, a source familiar with the matter told Reuters.

Reports of Netflix's hiring of Neumann hit late Monday, after Activision Blizzard said in a regulatory filing that it was planning to fire Neumann.

Usually, Call of Duty and World of Warcraft continue to carry the torch for Activision Blizzard's profit margin, however CNBC reported a fall from 352 million monthly active users down to 345 million in the company's third quarter.

Neumann joined Activision Blizzard 18 months ago, and his contract hadn't expired, according to a securities filing.

Inter fan dies following clashes outside San Siro
Napoli's Senegalese center back, Kalidou Koulibaly was the victim of racist chants and sounds from the stands of San Siro. On Wednesday night in Milan, Inter fans were given three warnings but persisted with their verbal abuse of Koulibaly .


Neumann did not immediately respond to Reuters request for comment over LinkedIn.

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. Now he returns to being CFO going forward.

Neumann is now on paid leave, and he's been given the opportunity to "demonstrate why cause does not exist to terminate his employment or why termination of his employment is not otherwise justified".

"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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