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Netflix Poaches Activision’s Neumann for CFO Role

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On Wednesday, Netflix Inc stated that the company has appointed Spencer Neumann from Activision Blizzard who is the media finance veteran as the chief financial officer of the company.

According to the report of Reuters which was published on Monday had stated citing the sources that Netflix which is the media streaming company had taken Neumann from the publisher of the video game.

According to the reports of the Reuters, the sources had told it that the media streaming company, Netflix which is on the path of making more films as well as television series of its own would prefer its new CFO to be based in Los Angeles.

Office of Activision

Source: Bizj

The company would also like the CFO to focus on the finances of the production.

Neumann replaces David Wells

Neumann has replaced David Wells who was the former CFO of the company and had made an announcement in the month of August stating that he had already planned to step down from his post after working for 14 years with the streaming media giant, Netflix.

David Wells, the ongoing CFO of Netflix

Source: PMC Variety

Neumann has also served a wide variety of financial roles. This is inclusive of working at the Walt Disney Co.

Dennis Durkin- the new CFO of Activision

Activision on the other hand had announced Dennis Durkin as the CFO who will take the vacated seat of Neumann. The announcement was made on Wednesday. Neumann was terminated from his role after he had violated his legal obligations to the company.

Neumann, the selected CFO of Netflix who will be replacing Deavid Wells, the ongoing CFO

Source: CDN

Netflix has succeeded in finding a replacement of David Wells after months of searching. The start date of his tenure will be early in 2019.

The only problem to this is that the contract of Neumann at the Activision has not expired as yet. In the SEC filing of December, Activision had revealed that the company had given Neumann a paid leave and has intentions to cease his tenure for violating his obligations to the company.

Source: Reuters, Engadget

Ketakee Srivastava
I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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