Activision Blizzard plans to fire its CFO
Activision Blizzard Inc. said it plans to fire Chief Financial Officer Spencer Neumann for cause unrelated to the video-game company’s financial performance and has placed him on paid leave.
Neumann will be on leave pending an opportunity to demonstrate why he shouldn’t be let go, the Santa Monica company said Monday in a statement. Activision — a leading video-game publisher whose titles include the “Call of Duty” and “World of Warcraft” series — didn’t elaborate.
Dennis Durkin, chief corporate officer, will assume the duties of the principal financial officer, Activision said.
In at least a dozen U.S. departures this year, companies directly accused senior executives of misconduct unrelated to financial performance.
Neumann came to Activision from Walt Disney Co. and has been finance chief since May 2017. In the last fiscal year, he had total compensation of $9.47 million, according to data compiled by Bloomberg, including $2.8 million in options awards and $4.15 million in stock awards.
The company made its announcement after the close of markets. Activision shares fell 1.2% to $46.03 in extended trading. The stock dropped 26% in 2018.