As the year comes to a close, Activision Blizzard is making headlines with their announcement that it intends on terminating Chief Financial Officer Spencer Neumann for “cause unrelated to the company’s financial reporting or disclosure controls and procedures.” Mr. Neumann has not officially been terminated and has been offered the opportunity to demonstrate why cause does not exist to terminate his employment, however should he leave he will be replaced by acting CCO Dennis Durkin.
The news dropped in the form of a filing to the Securities and Exchange Commission today:
“Mr. Neumann has been placed on a paid leave of absence from the Company pending an opportunity for him to demonstrate why cause does not exist to terminate his employment or why termination of his employment is not otherwise justified. In light of the above, effective January 1, 2019, Mr. Dennis Durkin, our Chief Corporate Officer, will assume the duties of the principal financial officer (Chief Financial Officer) of the Company. In the event Mr. Neumann ultimately ceases to be the Chief Financial Officer, then Mr. Durkin will become the Chief Financial Officer. Mr. Durkin, 48, joined the Company in March 2012 as Chief Financial Officer and served in that role until May 2017. He has served in the role of Chief Corporate Officer since May 2017 through the present.”
Mr. Neumann may have brighter prospects on the horizon outside of Activision Blizzard’s corporate shenanigans, as the news also broke that Netflix is looking to bring him on board to serve as their own Chief Financial Officer.
Activision Blizzard stocks started the year at $64.31 USD, peaked at $83.39 in October, and has since dropped to a low of $46.57 at the close of the market today. The decline marks a sharp turn from the steady increase in Activision’s stock over the past two decades.
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