Netflix hires Activision CFO

By Business LeadersFOXBusiness

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Netflix on Wednesday named Spencer Neumann, most recently the chief financial officer (CFO) of Activision Blizzard, as its CFO.

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Activision Blizzard said in a securities filing Monday that it was putting Neumann on paid leave and that he would subsequently be fired for cause unrelated to the company’s financial reporting or disclosure procedures.

The videogame company said chief corporate officer Dennis Durkin would take over as chief financial officer, a post he previously held.

Neumann joined Activision Blizzard 18 months ago, and his contract hadn’t expired, according to a securities filing.

Neumann succeeds David Wells who has been CFO of Netflix since 2010.

Neumann served as Activision Blizzard's CFO from May 2017. Prior to that, Neumann held a number of positions at The Walt Disney Company, most recently as the CFO and executive vice president of Global Guest Experience of Walt Disney Parks and Resorts, from 2012 until May 2017. From 2005 to 2012, Neumann worked at the private equity firms of Providence Equity Partners and Summit Partners. Prior to that, Neumann held several other roles with Disney, which he initially joined in 1992, including executive vice president of the ABC Television Network from 2001 to 2004 and CFO of the Walt Disney Internet Group from 1999 to 2001.

Netflix, which is known for poaching executives who are still under contract and has been sued over that practice by both 21st Century Fox and Viacom, has 130 million paid memberships in more than 190 countries.

21st Century Fox is the parent company of FOX News and FOX Business, along with the Wall Street Journal and News Corp, which share common ownership.