- Netflix (NFLX -1.6%) has confirmed reports that it's hired Spencer Neumann from Activision Blizzard (ATVI +1.2%) to be its new chief financial officer.
- Activision had put Neumann on paid leave pending an opportunity for him to demonstrate why the company didn't have cause to terminate his employment as it planned.
- Netflix was aiming to base its next CFO in Los Angeles, with a focus on production finance. Along with his Activision experience, Neumann had previously held senior positions at Walt Disney (NYSE:DIS), including the roles of CFO and executive VP of Global Guest Experience in its Parks and Resorts division.
- As for Activision, the change back to former CFO Dennis Durkin "may add another overhang on shares" but "we expect minimal business disruption," Baird says. Durkin's a steady hand which helps make up for an unexpected transition, analyst Colin Sebastian suggests, and he expects a cautious/conservative 2019 outlook even as shares are "embedding an overly negative company and sector view." (h/t Bloomberg)
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