Netflix Appoints Spencer Neumann As CFO

(RTTNews) - Online entertainment streaming giant Netflix Inc. (NFLX), has hired Spencer Neumann as its new Chief Financial Officer, just two days after he was fired as CFO at Activision Blizzard Inc. (ATVI).

Neumann succeeds David Wells, who announced in August his plans to step down after 14 years at Netflix and focus on philanthropy. The move comes as Netflix plans to produce more of its own films and television series.

"Spencer is a stellar entertainment executive and we're thrilled that he will help us provide amazing stories to people all over the world," said Reed Hastings, Netflix Chief Executive Officer. "I also want to again say thank you to David Wells, on behalf of the company and our shareholders, for his invaluable contributions at Netflix over the past 14 years."

"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," said Spencer Neumann.

Previously, Neumann held a number of positions of increasing responsibility at The Walt Disney Company, most recently serving as the CFO and executive vice president of Global Guest Experience of Walt Disney Parks and Resorts, from 2012 until May 2017.

Activision Blizzard, in a separate statement, said it terminated Neumann's employment for cause unrelated to the video game company's financial reporting or disclosure controls and procedures.

Activision Blizzard has re-appointed Dennis Durkin as its new CFO with immediate effect, reprising the role he held from March 2012 to May 2017.