Activision Blizzard “intends to terminate” its Chief Financial Officer, Spencer Neumann. It has placed him on paid leave, pending his ability to “demonstrate why cause does not exist to terminate his employment or why termination of his employment is not otherwise justified,” as written in a regulatory filing made by the company. The reason for this termination hasn’t been further elaborated, but it is “unrelated to the company’s financial reporting or disclosure controls and procedures.”
While the reason for Neumann’s firing may not have been financial, it appears to have had a financial impact on the company. A 1.2% decrease in Activision Blizzard’s share price followed this announcement. However, that small dip was just a drop in the bucket, compared to 26% stock decline the company saw in 2018.
With Neumann on his way out, Chief Corporate Officer Dennis Durkin has assumed the duties of the Chief Financial Officer. “In the event, Mr. Neumann ultimately ceases to be the Chief Financial Officer, then Mr. Durkin will become the Chief Financial Officer.” This became effective on January 1, 2019.
For now, Neumann is still technically under his eighteen month term contract. While misconduct could be a reason for his termination, rumors reported by the Wall Street Journal and other publications say Neumann was hired by Netflix while still under contract with Activision Blizzard and that was the reason for termination.
[Source: Bloomberg, Wall Street Journal, Sec.gov]
Overwatch July 2018
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