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Activision-Blizzard CFO Fired for 'Causes Unrelated to the Company's Financial Reporting' - MMORPG.

SBFordSBFord Associate Editor - News ManagerMMORPG.COM Staff LegendaryPosts: 32,205

imageActivision-Blizzard CFO Fired for 'Causes Unrelated to the Company's Financial Reporting' - MMORPG.com News

Nasdaq.com is reporting that Activision-Blizzard Chief Financial Officer Spencer Neumann has been fired "for cause unrelated to the Company's financial reporting or disclosure controls and procedures". At the time of this writing, Neumann is on paid leave pending an appeal of the decision to remove him from his position. In the interim, former CFO Dennis Durkin will be acting CFO and will regain the position permanently if Neumann's firing stands.

Read the full story here


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Comments

  • SBFordSBFord Associate Editor - News ManagerMMORPG.COM Staff LegendaryPosts: 32,205
    ATVI is becoming the newsie's gift that keeps on giving. Interesting stuff all together considering the rocky last few months and what's likely to be a pretty dismal Q4 2018.
    TorvalMrMelGibson

    ¯\_(ツ)_/¯ 

  • PeZzyPeZzy Member UncommonPosts: 152
    Kotick cutting staff, so that they can pay him more.
    GdemamiWarhawke80sycogenesisgearchin13ThaharOzmodan
  • DauzqulDauzqul Member RarePosts: 1,930
    edited January 1
    image
    Post edited by Dauzqul on
  • ArteriusArterius Member RarePosts: 615
    so for the brain dead what was this guys exact job? I just am curious how this will impact Blizzard/Activation going forward.
  • SBFordSBFord Associate Editor - News ManagerMMORPG.COM Staff LegendaryPosts: 32,205
    edited January 1
    Arterius said:

    so for the brain dead what was this guys exact job? I just am curious how this will impact Blizzard/Activation going forward.

    CFO = Chief Financial Officer

    "A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions."
    MisterZebubfrA6meGorweArteriustweedledumb99PhaserlightThahar

    ¯\_(ツ)_/¯ 

  • MisterZebubMisterZebub Member EpicPosts: 3,309
    edited January 1
    SBFord said:
    Arterius said:

    so for the brain dead what was this guys exact job? I just am curious how this will impact Blizzard/Activation going forward.

    CFO = Chief Financial Officer

    "A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions."
    Sooooo.... if he was fired "for cause unrelated to the Company's financial reporting or disclosure controls and procedures" which would mean not for his actual job performance, I'm going out on a limb and say he was fired for workplace harassment and/or grabassin.
    GorwecraftseekerArteriusAzaron_NightbladeThupliOzmodan


    “I was, in days gone by, a believer. But, alas, I came to this beleaguered land and the God in me just … evaporated. Let us change our toast, then, to the God that has forgotten us.”

  • ChildoftheShadowsChildoftheShadows Member RarePosts: 909
    SBFord said:
    Arterius said:

    so for the brain dead what was this guys exact job? I just am curious how this will impact Blizzard/Activation going forward.

    CFO = Chief Financial Officer

    "A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions."
    Sooooo.... if he was fired "for cause unrelated to the Company's financial reporting or disclosure controls and procedures" which would mean not for his actual job performance, I'm going out on a limb and say he was fired for workplace harassment and/or grabassin.
    Guessing is fun eh? Let’s string him up and beat him with our social platforms before we know any facts!!
    GdemamiWarhawke80BlueThunderBearNephethcraftseekerGwapoJoshVrikaLahuzerGaladournMrMelGibsonand 7 others.
  • MisterZebubMisterZebub Member EpicPosts: 3,309
    SBFord said:
    Arterius said:

    so for the brain dead what was this guys exact job? I just am curious how this will impact Blizzard/Activation going forward.

    CFO = Chief Financial Officer

    "A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions."
    Sooooo.... if he was fired "for cause unrelated to the Company's financial reporting or disclosure controls and procedures" which would mean not for his actual job performance, I'm going out on a limb and say he was fired for workplace harassment and/or grabassin.
    Guessing is fun eh? Let’s string him up and beat him with our social platforms before we know any facts!!
    Exactly. When a company makes an announcement of a firing, and only says why he was not fired, mainly to stem speculation it was because Blizzards down trending financials this year, they simply open the door to other types of rampant speculation. The onus is on them to explain themselves and their actions. So until they do so people are just going to speculate wildly and make shit up.

    Also, considering the multitude of harassment incidents in the entertainment industry over the past year, and the fact he is on paid vacation pending an investigation, I don't feel my speculation that this is due to a reported incident of harassment is all the far fetched.
    craftseekerArteriuscheyaneJeroKanetweedledumb99DarkpigeonAalamrKyleran


    “I was, in days gone by, a believer. But, alas, I came to this beleaguered land and the God in me just … evaporated. Let us change our toast, then, to the God that has forgotten us.”

  • BoltonsquadBoltonsquad Member UncommonPosts: 363
    I can imagine a typical board meeting,
    Boss: "So Spencer what's been happening, stock prices are plummeting do we have an explanation"
    Spencer: "Yes we do, Diablo Immortal"
    Boss: "YOUR FIRED"

    The end
    RemyVorender3domBananablecielyCaylerabgzgamerGaladournPhryMMObroNycteliosand 6 others.
  • gervaise1gervaise1 Member EpicPosts: 5,724
    edited January 1
    SBFord said:
    Arterius said:

    so for the brain dead what was this guys exact job? I just am curious how this will impact Blizzard/Activation going forward.

    CFO = Chief Financial Officer

    "A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions."
     
    For a public company in the US like AB the CFO (Financial Director) is required - by law - to state that the company's financial statements and processes are accurate / up to scatch every quarter. Penalties depend on the infraction but could be up to $5M fine and/or up to 20 years in prison.

    Depending on the company the CFO may be considered to be the company co-pilot acting alongside the CEO. 


    The loss of a CFO could have an impact on the company share price in the short term (positive or negative) depending on what role the CFO has played in the company's success / failure. And beyond that who the subsequent replacement is - the position must be filled. If a short term drop in the share price becomes a longer term one this can e.g. make it more expensive for a company to borrow money or make it a take over target which can result on added pressure on teams to perform.
    RemyVorenderRPGenieArteriusMrMelGibsonThahar
  • WizardryWizardry Member LegendaryPosts: 15,793
    They can word it anyway they want but imo this is TYPICAL of big business that likes to manipulate the numbers to FOOL stock holders and buyers.

    Of course they are going to say it is not related to the numbers they could be sued a lot of money if the commission finds out they are purposely misleading and misrepresenting their stock and numbers.
    There was an article i mentioned several years ago that mentioned how Blizzard again like many big businesses moves it's numbers around for several reasons,like avoiding big quarterly bonuses and to fool investors.

    I think there is a lot more dirt to come out of Blizzard and it is all because Activision is taking a no nonsense approach to how Blizzard operates.
    IDK about this 10 million compensation i read there,that doesn't make any sense at all.That would tell me he is not being fired for legit reasons because they wouldn't go handing out free money,especially 10 mil if they could avoid it.
    RPGenieDhamon99PhryArskaaaOzmodan

    Never forget 3 mile Island and never trust a government official or company spokesman.

  • TorvalTorval Member LegendaryPosts: 18,709
    edited January 1
    SBFord said:
    Arterius said:

    so for the brain dead what was this guys exact job? I just am curious how this will impact Blizzard/Activation going forward.

    CFO = Chief Financial Officer

    "A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions."
    Sooooo.... if he was fired "for cause unrelated to the Company's financial reporting or disclosure controls and procedures" which would mean not for his actual job performance, I'm going out on a limb and say he was fired for workplace harassment and/or grabassin.
    It reads more like he wasn't criminally negligent. That is there weren't problems with how he reported and its accuracy (like Nvidia has with the class action lawsuit it's facing). He's getting the taking the fall for their lame ass decisions.
    MisterZebubMrMelGibsonPhryNycteliosThuplinatpickThaharTacticalZombeh
    take back the hobby: https://www.reddit.com/r/patientgamers/

    traveller, interloper, anomaly
    ¯\_(ツ)_/¯

  • DMKanoDMKano Member LegendaryPosts: 20,067

    SBFord said:

    ATVI is becoming the newsie's gift that keeps on giving. Interesting stuff all together considering the rocky last few months and what's likely to be a pretty dismal Q4 2018.



    Pretty much any video game company that isn't Epic is hurting.

    That's what happens when players spent 3 billion on Fortnite in 2018, less spent on other games.

    Blizzard needs an influx of sales - or they will be forced to cut staff in 2019.

    PhryNycteliosKalebGraysonLiljnaThupliborghive49natpickThahargastovski1Ozmodanand 3 others.
  • AlbatroesAlbatroes Member LegendaryPosts: 5,948
    So lets pretend it was this guy's fault for Diablo Immortal being pitched at Blizzcon and Acti-blizz did us a favor by firing him?
    RoinOzmodan
  • rojoArcueidrojoArcueid Member EpicPosts: 9,746
    edited January 1
    $10 million dollar compensation to a single person. I hope these companies go bankrupt so they can understand they would be hugely profitable if those salaries were significantly cut. All this crap happens because the more money the head honchos want to earn the less money the company overall will make.
    GorweNycteliosBeezerbeezThaharOzmodan




  • MadFrenchieMadFrenchie Member LegendaryPosts: 8,095
    edited January 1
    They way they phrased that likely has to do with employment law, but it honestly sounds like a complete satire article on The Onion.

    "CFO fired, company states 'Definitely not because he was embezzling funds.  It wasn't that.  Seriously!'"
    rojoArcueidTorvalArglebargleCayleraIselinMrMelGibsonNyctelioscheyanetweedledumb99Kyleran

    image
  • AeanderAeander Member LegendaryPosts: 3,813
    My first assumption was embezzlement or mishandling, not sexual harassment. 

    (But legal disclaimer - I'm not alleging or accusing anything. I have no information on the matter).
  • 3dom3dom Member RarePosts: 584


    $10 million dollar compensation to a single person.



    Those are not salaries - those are exactly compensations for people with certain skills to work for someone else instead of creating their own companies based on their unique skills sets, social and political connections, etc. Like, for example, I can program and manage IT projects but without equity / shares option on top of a salary - I'd better create my own business and make much more than average programmer or project manager.

    Thank you for your time!

  • Warhawke80Warhawke80 Member UncommonPosts: 149
    So Nasdaq gets a hold of this and releases it publicly, which could lead to another run off on stocks.....yeah that doesn't sound very ethical.
  • GorweGorwe Member EpicPosts: 5,674
    He was the CFO of the entire Corp, but he had to start somewhere. My question is where: Acti or Blizz?
    Phry
  • AkulasAkulas Member RarePosts: 2,399
    Lets take over the company 

    This isn't a signature, you just think it is.

  • RusqueRusque Member RarePosts: 2,771

    Doesn't he have a phone? I heard if you have a phone everything is great.
    meonthissite
  • BananableBananable Member UncommonPosts: 184
    edited January 1


    I can imagine a typical board meeting,

    Boss: "So Spencer what's been happening, stock prices are plummeting do we have an explanation"

    Spencer: "Yes we do, Diablo Immortal"

    Boss: "YOUR FIRED"



    The end



    Activision: "So Spencer what's been happening, stock prices are plummeting, is it because of me or you?"
    Spencer silently howls
    PhryMisterZebub
  • RobsolfRobsolf Member RarePosts: 4,591

    Albatroes said:
    So lets pretend it was this guy's fault for Diablo Immortal being pitched at Blizzcon and Acti-blizz did us a favor by firing him?
    Who should be held accountable?  The mail guy?  The art department?  The guy who did the Murloc voice for WoW?  Heard he's an unsavory sort...

    If you're saying we have no reason to see things improving after he goes, I'm in agreement with you.  They'll replace him with someone equally aloof.  But if people at the top don't get booted after a big bad decision, then capitalism doesn't work.
    TorvalMrMelGibsonNycteliosseshses
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