Activision Intends to Fire its Chief Financial Officer

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There's only a single mention in Netflix's press release of his role at Activision. Back in August, Wells said he planned to leave the firm after helping find his replacement.

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.

The company chose to terminate Neumann's contract "for cause unrelated to the Company's financial reporting or disclosure controls and procedures", Activision Blizzard said in US Securities & Exchange Commission filing. In the interim, former CFO Dennis Durkin will be acting CFO and will regain the position permanently if Neumann's firing stands.

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Before working for Activision Blizzard, Neumann held multiple positions at Walt Disney in its theme-park and television divisions.

The company further added that Neumann is on paid leave, and now has the opportunity to 'demonstrate why cause does not exist to terminate his employment or why termination of his employment is not otherwise justified'. "I also want to again say thank you to David Wells, on behalf of the company and our shareholders, for his invaluable contributions at Netflix over the past 14 years". Durkin was CFO from 2012-2017.

Earlier on Monday, Activision Blizzard said in a regulatory filing that it meant to fire Neumann for an unspecified reason.

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News outlets have reported that no start date has been announced.

Shares of Activision fell 1.2 percent to $46.03 in extended trading.

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