Activision Blizzard plans to terminate CFO Neumann

The Netflix logo is seen on their office in Hollywood Los Angeles

The Netflix logo is seen on their office in Hollywood Los Angeles

Neumann also worked at Disney prior to coming on as CFO at Activision Blizzard. Activision Blizzard filed form 8-K with the United States Securities and Exchange Commission on December 31st stating they notified Neumann of his termination and would give him paid leave until it was fully determined if the firing with cause was justified.

As of yet, Activision Blizzard has not made any comments on such reports. Netflix is expected to announce the news in the next few days.

Activision in its regulatory filing said that it meant to terminate Neumann "for cause unrelated to the company's financial reporting or disclosure controls and procedures".

Activision Blizzard has revealed that its chief financial officer Spencer Neumann has had his contract terminated for "cause unrelated to the Company's financial reporting or disclosure controls and procedures". He replaces David Wells, who in August said he planned to step down after 14 years at the streaming media giant.

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That Neumann joins Netflix from a video game publisher/developer and given that the news was announced less than a week after Netflix released the world's first interactive choose-your-own-adventure movie in partnership with TV series Black Mirror (Black Mirror: Bandersnatch), could mean that Netflix aims to develop more interactive movies.

CNBC reports the share price for Activision Blizzard dropped by 1 percent after the news became public of the company's plans.

With Neumann on his way out, Chief Corporate Officer Dennis Durkin has assumed the duties of the Chief Financial Officer.

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