Former Executive Of Activision Appointed As New Finance Boss Of Netflix

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A new finance chief has been appointed by Netflix. He is an additional member to its executive team, filling a four-month-long vacancy that was left by David Wells, the former occupant of the role.

The streaming service said that it has hired Spencer Neumann for the said position. Neumann is a veteran media executive who has most recently served as the chief financial officer for Activision Blizzard, a gaming company.

According to the initial reports that were released by Reuters, Neumann will begin his time at Netflix early this year.

The news comes after Activision Blizzard announced on Monday unexpectedly that it intended to remove Neumann from his position for a yet unspecified reason. They said that the issue is “unrelated to the company’s financial reporting or disclosure controls and procedures.” A person who is familiar with the transition informed CNBC that the termination of Neumann was the result of his efforts to pursue another job.

Wells left his position at Netflix last August. He has served at the tech company for 14 years. He spent eight years as its finance chief. He cited the “strong financial position” of Netflix at the time as a reason for the necessity of a new executive.

The share price of Netflix increased by more than 15 percent when it reported its most recent financial results last October, having recorded approximately £3 billion in revenue and 135 million paid subscribers.

Neumann will be the most recent executive to join Netflix from the ranks of a Walt Disney alumni, after the company said that it had appointed Christie Fleischer, a former Disney executive, to its team last September.

Previously, Netflix held a long-running deal with Disney on movie-streaming rights, however, the said relationship has since faltered. Later this year, Disney is planning to withdraw most of its films and TV shows, including the successful Marvel Comics franchise, from the Netflix platform.

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