Netflix appears to be going all-in on the idea of interactive media, reportedly poaching former Activision Blizzard chief financial officer Spencer Neumann to take over the same role at the streaming video company. While misconduct could be a reason for his termination, rumors reported by the Wall Street Journal and other publications say Neumann was hired by Netflix while still under contract with Activision Blizzard and that was the reason for termination. The SEC report also states that Activision Blizzard is allowing Neumann to file a report to counter the firing if he wants, but is on paid leave until that can happen. Until then, chief corporate officer Dennis Durkin will be taking over and if Neumann does leave then Durkin will be stepping in to officially take the role of CFO at Activision Blizzard.
According to Reuters and the Wall Street Journal, Neumann is set to take over from Netflix CFO David Wells, who has been at the company for fourteen years.
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". With the share drop, Activision Blizzard is keen to emphasise Durkin's experience and the company's growth during his earlier tenure. Now he returns to being CFO going forward.
Activision Blizzard is having a year of ups and downs.
"Spencer is a stellar entertainment executive and we're thrilled that he will help us provide incredible stories to people all over the world", said Reed Hastings, Netflix Chief Executive Officer.