Activision Blizzard stock price target cut to $87 from $93 at Benchmark

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Activision Blizzard wants to fire its CFO, who may be going to Netflix

Activision Blizzard Inc. expects to fire its chief financial officer for undisclosed reasons, the company disclosed Monday, and a separate report said he would be hired by Netflix Inc. . In a filing with the Securities and Exchange Commission, the videogame publisher said that it notified Spencer Neumann that it intends to terminate him for cause. Activision did not say what the cause was, besides noting it was “unrelated to the company’s financial reporting or disclosure controls and procedures.” Neumann was placed on paid leave while he determines whether to fight the termination. Separately, Reuters reported Monday night that Netflix is expected to name Neumann its new CFO in the coming days, and he will start his new job in early 2019. Neumann was hired away from The Walt Disney Co. in May 2017. Dennis Durkin, Activision’s former CFO and current chief corporate officer, will assume the CFO’s duties, and will take the role of a more permanent basis if Neumann accepts his termination, according to the filing. An Activision Blizzard spokeswoman declined to comment beyond the filing. Activision shares ended 2018 down 26.5% on the year, while the S&P 500 index fell 7%.

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