Netflix Inc. (NFLX) has hired former Activision Blizzard Inc. (ATVI) CFO Spencer Neumann to be its new chief financial officer, the streaming giant announced Wednesday. He will succeed David Wells, who has served in the position since 2010. The announcement from Netflix comes on the heels of a Monday disclosure by Activision that it was firing Neumann for undisclosed reasons (http://www.marketwatch.com/story/activision-blizzard-wants-to-fire-cfo-2018-12-31) and a Monday Reuters report that Netflix was expected to name Neumann as its new CFO. Activision said in a Monday securities filing that it was planning to terminate Neumann for cause, but did not say what the cause was. The videogame publisher did note that it was "unrelated to the company's financial reporting or disclosure controls and procedures." In 2017, Activision hired Neumann away from the Walt Disney Co. (DIS), where he was CFO and an executive vice president. He initially joined Disney in 1992. Shares of Netflix have gained 31% in the past 12 months, while shares of Activision have fallen 26%. The S&P 500 has fallen 7% while the Dow Jones Industrial Average has fallen 6%.
-Sarah Toy; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 02, 2019 12:35 ET (17:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.