UPDATED 22:50 EDT / JANUARY 02 2019

APPS

Netflix snaps up former Activision Blizzard CFO Spencer Neumann

Netflix Inc. today confirmed it’s hiring former Activision Blizzard Chief Financial Officer Spencer Neumann as its new CFO.

Neumann was jobless only two days, after being let go by the video game company, but apparently, his release was not related to the company’s financial performance.

In an announcement Tuesday, Activision said that Neumann “was terminated for cause for violating his legal obligations to the Company.” It seems the violation was a “covenant not to shop” for employment outside the company until the last six months of his contract in 2020.

Neumann was replaced by Dennis Durkin, who had been working as chief corporate officer for the same company.  Netflix Chief Executive Officer Reed Hastings saying he was “thrilled” to have such a “stellar executive” on board. He also thanked David Wells, the CFO who is on his way out after a long stint at the company. No reason was given for his departure.

“Netflix is a singular brand, and I’m excited and honored for the opportunity to work with the Netflix team and all of our stakeholders to build on the company’s exceptional track record of success and innovation,” Neumann said in a statement.

Neumann has had a varied career, only working in his last job at Activision since May 2017. Prior to that, he spent five years in a number of positions at The Walt Disney Co. and in between other jobs as far back as 1992, Neumann worked with Disney as well. He also spent a number of years working for the private equity firms of Providence Equity Partners and Summit Partners.

It’s a key role at Netflix, a company that is looking to become the content king in every household by buying and creating more content. Lately, it has tried its hand at interactive TV that is as much a game as a viewing experience. Perhaps hiring a man from the gaming industry was the right move.

Photo: StockCatalog/Flickr

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