Netflix Names Activision Blizzard’s Neumann to Become New CFO, Replacing Wells

Netflix (NFLX) named Spencer Neumann of Activision Blizzard (ATVI) as its chief financial officer, replacing David Wells who announced plans to leave the firm in August.

Neumann was CFO of video-game maker Activision since May 2017 and was previously with Walt Disney (DIS) in a number of roles, including CFO and executive vice president of global guest experience at Walt Disney Parks and Resorts.

“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 Wednesday.

Activision Blizzard, which has video-game franchises including Call of Duty and World of Warcraft, said in a separate statement Neumann was “terminated for cause for violating his legal obligations to the company.” No other details were given.

Netflix’s shares were down 1.2% on Wednesday afternoon, while Activision’s stock was up 1.5%.

Dennis Durkin, who served as CFO at Activision before Neumann, was put back in the role from his most recent position as chief corporate officer.

“His expertise in delivering shareholder value, combined with his deep understanding of our organization and his unwavering integrity, will be instrumental as we enter into our next phase of growth,” said Bobby Kotick, chief executive of Activision Blizzard. Durkin also previously worked at Microsoft (MSFT).

Wells said in August he wanted to step down after serving as CFO since 2010, but would stay on until a successor was named.