Less ice storm, more s*** storm…
Talk about starting the new year with news most dire. Activision Blizzard, a company that had a streak of bad luck (Mike Morhaime stepping down, that Diablo Immortal announcement, Heroes of the Storm scaling down, employee layoffs with pay), recently terminated its Chief Financial Officer’s contract this week (via CNBC).
Spencer Neumann, the CFO in question, was fired over causes “unrelated to the company’s financial reporting [ie recent share drops & monthly active users decline rate] or disclosure controls and procedures.”
It may have something to do with Neumann being poached by Netflix and in turn become the company’s newest CFO, according to Reuters. With Netflix being dominant in the past few years, we’re guessing this job may be as fun as it is stressful.
So who’s going to fill that Activision Blizzard CFO void? Why it’ll be the company’s former Chief Corporate Officer Dennis Durkin. The company will be using Durkin’s experience to sort out the share drop and make the company grow financially like old times. This new year may be crucial to the company; it may need to recuperate its losses from that Destiny 2 expansion.