Netflix Said to Have Poached CFO From Activision Blizzard

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.

Neumann will start at Netflix in early 2019, the source said.

Earlier on Monday, Activision Blizzard said in a regulatory filing that it intended to fire Neumann for an unspecified reason. Neumann has been placed on a paid leave of absence from the company, Activision Blizzard said, adding that Neumann will get an opportunity to demonstrate why termination of his employment is not justified.

Neumann has served in a variety of finance roles including at Walt Disney Co. He replaces David Wells, who in August said he planned to step down after 14 years at the streaming media giant.

The source said Netflix, which is making more of its own films and series, would like its next CFO to be based in Los Angeles with a focus on production finance. Wells is based northern California.

Activision in its regulatory filing said that it intended to terminate Neumann "for cause unrelated to the company's financial reporting or disclosure controls and procedures." It said that Neumann had been placed on paid leave.

Chief Corporate Officer Dennis Durkin will assume the duties of CFO effective Jan. 1 until the issue is resolved, Activision said in a regulatory filing.

Durkin, 48, joined Activision in March 2012 and has served as CFO until May 2017, after which he took the role of Chief Corporate Officer.

© Thomson Reuters 2018