Activision Blizzard is firing its CFO

The Netflix logo is seen on their office in Hollywood Los Angeles

Neumann was notified on 31st December about his contract termination and is now on paid leave, but he's been given an opportunity to show why the cause to terminate him does not exist or why it is unjustified.

In a recent securities filing from Activision Blizzard Inc., it was revealed that the company's current Chief Financial Officer (CFO) Spencer Neumann is pending termination from his role for matters that aren't related to financial performance.

While neither Neumann nor Netflix have confirmed the appointment, Reuters cites 'a source familiar with the matter' as claiming Neumann will take over from 14-year Netflix veteran David Wells.

While the reason for Neumann's firing may not have been financial, it appears to have had a financial impact on the company.

Dennis Durkin was the CFO for Activision Blizzard from 2012 to 2017, a period where their stock grew from roughly $11 per share to $50.

Netflix Bows to Saudi Arabia, Pulls Episode of Hasan Minhaj Show
Minhaj, who was the featured speaker at the White House Correspondents' Dinner in 2017, has not commented on the move by Netflix. Minhaj also criticised the Saudi-led war in Yemen, which he described as "the worst of everything happening in one place".

The company made a decision 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. Activision Blizzard, for its part, has not commented on Neumann's departure from the company beyond the statements included in its SEC filing.

According to Reuters, Neumann is expected to start at Netflix in early 2019, so an official announcement might be coming soon.

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

The news saw Activision's shares fall by almost 1 percent in after-hours trading.

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