Activision Blizzard's chief financial officer is being given the boot

Netflix Said to Have Poached CFO From Activision Blizzard

Neumann

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

The company did not elaborate on the reasons for the planned termination.

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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.

Netflix has confirmed rumors from earlier this week and officially announced that it is hiring Spencer Neumann as its new chief financial officer, just days after he was placed on leave pending firing from that same role at Activision Blizzard.

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A source close to the issue has said that this all occurred after Netflix had poached Neumann to take on the role as CFO at the streaming company. The filing notes that the firing with cause was "unrelated to the company's financial reporting or disclosure controls and procedures", this is an important line because it indicates that although Neumann met the regulatory and financial obligations required of him, he failed to meet a legal requirement.

CNBC reports the share price for Activision Blizzard dropped by 1 percent after the news became public of the company's plans. In May 2017 when Neumann was appointed CFO Durkin was named Chief Corporate Officer and held that role until his return to CFO.

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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'.

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