Entertainment
Netflix’s New CFO Had Contract Barring Him From Job Shopping

Spencer Neumann, who was abruptly put on leave by Activision Blizzard Inc. and then fired from his job as chief financial officer, had a provision in his contract that barred him from negotiating with other potential employers.
Activision, the maker of Call of Duty and other video games, said on New Year’s Eve it was firing Neumann for a cause unrelated to the company’s financial reporting. Netflix Inc. said Wednesday Neumann would be its new CFO. He replaces David Wells, who held the post for the last eight years and said in August he would be stepping down.
Neumann’s contract with Activision included a “covenant not to shop” for employment outside the company, except during the last six months of his contract, which ran through April 2020. On Wednesday Activision reappointed Dennis Durkin as CFO.
Neumann declined to comment.
Activision Chief Executive Officer Bobby Kotick has added talent from professional sports broadcasting, consumer products and the film industry to broaden his company’s revenue sources.
Neumann joined Activision in May 2017 from Walt Disney Co., where he served as CFO of that company’s theme-park division. In the last fiscal year, he had total compensation of $9.47 million, according to data compiled by Bloomberg, including $2.8 million in options awards and $4.15 million in stock awards.
Netflix has recruited heavily from competitors in the entertainment industry as it increases production of TV shows and movies to please a growing worldwide base of more than 137 million subscribers. In the last year, the company has lured executives such as ABC’s entertainment chief Channing Dungey. Netflix has been sued by rivals such as 21st Century Fox Inc. and Viacom Inc. for poaching staff.
-
Banking & Finance1 month ago
Oman Arab Bank Announces Increase of Authorised Capital to RO500mn and Paid‑In Capital Boost of RO50mn
-
Bahrain1 month ago
SPIEF 2025 focused on global and regional economic processes, market transformation, new tech, investment climate, financial policy and people
-
Banking & Finance2 months ago
Central Bank of Oman Issues Regulatory Framework for Digital Banks
-
Banking & Finance3 weeks ago
National Finance Reinforces Position as Partner for Growth, Offers a Comprehensive Product Suite to Support Customer Ambitions
-
Insurance2 months ago
Liva Insurance Sets New Benchmark with ‘Innovative Insurer of the Year’ Award at the New Age Banking Summit 2025
-
Energy1 month ago
Russian Energy Week from October 15-17, 2025 offers alternative formats of cooperation
-
OER Magazines1 month ago
OER, June 25
-
Banking & Finance1 month ago
The Future of the International Financial System to be discussed at SPIEF 2025
You must be logged in to post a comment Login