Activision Blizzard Puts Financial Chief on Paid Leave, Intends to Fire Him--Update

By Patrick Thomas

Activision Blizzard Inc. put its chief financial officer on paid leave and intends to fire him, the company said in a securities filing Monday.

The company said it intends to fire Spencer Neumann with cause, but for reasons unrelated to its financial reporting or disclosure procedures. Mr. Neumann will be on paid leave for an undisclosed amount of time while he determines whether or not he wants to fight the termination to prove it is unjustified.

Mr. Neumann became financial chief in May 2017. Before joining the company, he held several positions at Walt Disney Co., including financial chief and executive vice president of Global Guest Experience of Walt Disney Parks and Resorts.

Starting Tuesday, Activision's operating chief, Dennis Durkin, will take over as financial chief. Mr. Durkin, 48 years old, joined Activision in 2012 as financial chief but moved to operating chief in May of 2017 when Mr. Neumann succeeded him.

The "Call of Duty" publisher's stock has tumbled lately, ending 2018 down more than 26%, partly due to the success of rival game "Fortnite," and its weakness in mobile gaming overall.

(END) Dow Jones Newswires

December 31, 2018 18:46 ET (23:46 GMT)

Activision Blizzard (NASDAQ:ATVI)
Historical Stock Chart
From Jun 2024 to Jul 2024