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Activision Blizzard (ATVI) is losing CFO Spencer Neumann after the executive was reportedly poached by Netflix (NFLX), although the exact details have yet to announced.

According to an exclusive report by Reuters, which cites individuals familiar with the matter, Netflix will announce the hiring in the next few days and Neumann is expected to begin his new role in early 2019.

This news comes after a regulatory filing on Monday revealed that Activision planned to fire Neumann for an unspecified reason, stating that it was “for cause unrelated to the company’s financial reporting or disclosure controls and procedures.” The filing also noted that Neumann has been placed on paid leave pending an opportunity to show why he shouldn’t be let go.

Prior to his time at Activision, which began in May of 2017, Neumann served in a variety of finance roles including at Walt Disney Co. In his last fiscal year at Activision, his total compensation was $9.47 million including $4.15 million in stock awards, according to Bloomberg.

Neumann will be replacing David Wells, who was at Netflix for 14 years and was based out of northern California. According to Reuters, the company wanted a CFO based out of Los Angeles with a focus on production finance.

Activision has yet to announce who will replace Neumann.



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