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.
Activision Blizzard announced in a securities filing this week that it was letting Neumann go for reasons “unrelated to the company’s financial reporting or disclosure controls and procedures,” though the specific reasons for the firing weren't detailed at the time. Since then, Activision Blizzard has said in a press release that Neumann was "terminated for cause for violating his legal obligations to the company," a violation that in all likelihood looks to be related to his quick jump over to Netflix.
That same day, rumors circulated that Neumann was on track to be hired by Netflix as the company’s CFO, and, according to Market Watch, the company has since confirmed those early whispers.
Neumann joined up with Activision Blizzard in May 2017 after leaving his position at The Walt Disney Company and is now set to start as Netflix’s financial chief early on this year, replacing David Wells, Netflix’s CFO since 2010.
Following Neumann’s departure from Activision Blizzard, CCO Dennis Durkin temporarily assumed the responsibilities of CFO, though Activision Blizzard now says that Durkin will once again become the company's CFO now that it's evident that Neumann has left the position for good.