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

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  • AlverantAlverant Member RarePosts: 1,131
    The guy got $10 million for being fired. Am I the only one who has a problem with this? Will the people who lost their jobs because of his bad decisions get a severance package just as good?
    cielyrojoArcueidGorweNycteliosGdemamiThupliThahar
  • PhelimReaghPhelimReagh Member UncommonPosts: 680




    He probably gave them his two weeks notice, but then ActivisionBlizzard probably found legal or financial reasons to make sure he was no longer employed past 12/31/2018.

    Such as, if he was on the job for even just a few days past 1/1/2019, there could have been legal and / or financial obligations, such as the vesting of shares, contract provisions, etc.

    Otherwise, why on earth fire the guy who is about to hand in his resignation and ready to facilitate a smooth transition to an interim appointed officer?
    Gdemami
  • jarsku85jarsku85 Member UncommonPosts: 77
    edited January 1










    He probably gave them his two weeks notice, but then ActivisionBlizzard probably found legal or financial reasons to make sure he was no longer employed past 12/31/2018.



    Such as, if he was on the job for even just a few days past 1/1/2019, there could have been legal and / or financial obligations, such as the vesting of shares, contract provisions, etc.



    Otherwise, why on earth fire the guy who is about to hand in his resignation and ready to facilitate a smooth transition to an interim appointed officer?



    Firing doesn't give next months payment in some industries so maybe it was to save money ? :)
  • DMKanoDMKano Member LegendaryPosts: 21,177
    Yep - he knows the future at Blizzard is crap for the time being so he went to greener pastures
    Gdemamiborghive49Trolldefender99poorbaby
  • XiaokiXiaoki Member RarePosts: 3,255
    DMKano said:
    Yep - he knows the future at Blizzard is crap for the time being so he went to greener pastures
    Netflix? Greener pastures?

    You mean the Netflix thats over $8 billion in debt? That Netflix?
  • DMKanoDMKano Member LegendaryPosts: 21,177
    edited January 1
    Xiaoki said:
    DMKano said:
    Yep - he knows the future at Blizzard is crap for the time being so he went to greener pastures
    Netflix? Greener pastures?

    You mean the Netflix thats over $8 billion in debt? That Netflix?
    Yes that Netflix - even with their massive debt - Netflix will be fine. Projections show that even at 20 billion debt (which they are not close to) - Netflix will be fine.

    You know who is doing worse than Netflix? Blizzard - and they don't have massive debt, but their future is looking bleak due to poor product performance and general unstable state of the video game industry.


    There's way more money to be made at Netflix than at Blizzard in the next couple of years.

    https://www.forbes.com/sites/noahkirsch/2018/05/26/netflix-cofounder-reed-hastings-net-worth-1-4-billion-richer-in-2018/#dcdc5f63620c


    C levels go wherever there's more money to be made - do you honestly believe that he can make more money at Blizzard?
    ConstantineMerusNycteliosRoinGdemamiThupliborghive49craftseekerDarkpigeonThaharTrolldefender99and 1 other.
  • GaladournGaladourn Member RarePosts: 1,802


    $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.



    The problem is not company profitability; the problem is that with such enormous compensation packages (in ALL upper management positions), even a short tenure gains one so much, that staying or leaving doesn't "hurt" him/her. And when you don't care for your longevity in a company, you ultimately don't give a @#$% for the company itself.
    gervaise1Gdemami
  • ArgostArgost Member UncommonPosts: 21
    Upper management strait up rapes yet another company and finds a new home to rinse and repeat...
    GorweGdemamiThahar
  • CelciusCelcius Member RarePosts: 1,570

    DMKano said:



    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.






    They pretty much have already cut staff, but just not devs. Over 200 people were laid off as a result of the Heroes life support announcement. They had professional teams being paid on salaries, including managers, pr,ect.
  • ScotScot Member LegendaryPosts: 11,753
    I am not sure how the CFO would be responsible for Diablo Immortal or the HoS missteps? He may of given such decisions a pass but I doubt he did more than oversee the soundness of their financial models.
    BlueThunderBearNycteliosgervaise1Thahar

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  • GorweGorwe Member EpicPosts: 6,092
    edited January 1
    I could work like that too! Work for a year - two, get a multi million severance package, retire, live like a drunk lord. It'd be even better than working as a politician!

    (what a rotten environment)
    GdemamiThupli
  • HefaistosHefaistos Member UncommonPosts: 341
    Netflix hired Spencer :D
  • PhryPhry Member LegendaryPosts: 11,004
    So the 10 million is probably hush money, the guy is leaving so they pay him to keep quiet about stuff. :o
  • PhryPhry Member LegendaryPosts: 11,004
    Scot said:
    I am not sure how the CFO would be responsible for Diablo Immortal or the HoS missteps? He may of given such decisions a pass but I doubt he did more than oversee the soundness of their financial models.
    The guy apparently worked for Disney for 20 years or so before moving to ActiBlizz, so he is obviously very very good at what he does, that he has been poached by Netflix isn't really all that surprising, but that he would leave ActiBlizz after working there for only 18 months is, he doesn't seem like the type of guy who would just up and leave without some pretty good reasons, so i doubt it is just about the money, however, that ActiBlizz are effectively paying him off big time, to me means that the guy has significant information that ActiBlizz want to protect, although ActiBlizz's move to 'sack him' seems more likely to be an effort to discredit him or perhaps save face because of the Netflix thing, either way, i think we're likely to hear something interesting about ActiBlizz from a 'rumoured source' in the near future, i've already put in my order for an extra large box of popcorn! ;)
    ScotThupliThahar
  • ScotScot Member LegendaryPosts: 11,753

    Phry said:


    Scot said:

    I am not sure how the CFO would be responsible for Diablo Immortal or the HoS missteps? He may of given such decisions a pass but I doubt he did more than oversee the soundness of their financial models.


    The guy apparently worked for Disney for 20 years or so before moving to ActiBlizz, so he is obviously very very good at what he does, that he has been poached by Netflix isn't really all that surprising, but that he would leave ActiBlizz after working there for only 18 months is, he doesn't seem like the type of guy who would just up and leave without some pretty good reasons, so i doubt it is just about the money, however, that ActiBlizz are effectively paying him off big time, to me means that the guy has significant information that ActiBlizz want to protect, although ActiBlizz's move to 'sack him' seems more likely to be an effort to discredit him or perhaps save face because of the Netflix thing, either way, i think we're likely to hear something interesting about ActiBlizz from a 'rumoured source' in the near future, i've already put in my order for an extra large box of popcorn! ;)



    Could well be but many top executives have a "if I leave for any reason" golden handshake clause. Bar proven criminal conviction they still get it. When you think about it is often the top guys who take the hit, to show to the world "lessons have been learned". So they have a contract that ensures they may take a hit professionally but not financially.

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  • ThaneThane Member RarePosts: 3,422
    edited January 1
    Alverant said:
    The guy got $10 million for being fired. Am I the only one who has a problem with this? Will the people who lost their jobs because of his bad decisions get a severance package just as good?
    sounds like normal politics to me.
    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."

    soooo... he was the guy who had a phone?:)
    Rnjypsy

    "I'll never grow up, never grow up, never grow up! Not me!"

  • d_20d_20 Member RarePosts: 1,878
    edited January 1
    Alverant said:
    The guy got $10 million for being fired. Am I the only one who has a problem with this? Will the people who lost their jobs because of his bad decisions get a severance package just as good?
    It's how the world is. While you were gaming, he was getting his MBA and studying corporate finance at Harvard and networking with alumni. Who knows what kind of connections he was born into, besides? Pretty sure his parents weren't share-croppers.


  • kjempffkjempff Member RarePosts: 1,629
    Fired "Not for eating bananas in a sexual way, but for something different".
  • NycteliosNyctelios Member EpicPosts: 3,437
    Well what if he said the company was going for a bad direction and someone wasn't pleased with his input?

    What if he was a good guy who knew better?

    I know it's a far shot, but if it is unrelated to his work, then he speaking out his mind to someone's face is a valid reason.

    And since he already has another job maybe he's good at what he does.

    Just remember, he is not the first one to go recently... Or did you forget that the might head chief peaced out?
    ShaighGdemamiThupli
    Steam ID Discord ID: Night # 6102 - GoG ID - 

    "There is a fine line between consideration and hesitation. The former is wisdom, the latter is fear." Izaro Phrecius, Holy Emperor of the Eternal Empire, Last of Royal Phrecius Family.
  • ShaighShaigh Member RarePosts: 2,007
    Nyctelios said:
    Well what if he said the company was going for a bad direction and someone wasn't pleased with his input?

    What if he was a good guy who knew better?

    I know it's a far shot, but if it is unrelated to his work, then he speaking out his mind to someone's face is a valid reason.

    And since he already has another job maybe he's good at what he does.

    Just remember, he is not the first one to go recently... Or did you forget that the might head chief peaced out?
    It makes sense, corporate politics is a likely suspect on why they got rid of their CFO.
    Gdemami
    The cynic knows the price of everything and the value of nothing.
  • gervaise1gervaise1 Member EpicPosts: 6,293
    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.
    Companies, even private companies, cannot - legally - keep such things quite. There will have been nothing "unethical" about the information becoming public.
    Torval
  • gervaise1gervaise1 Member EpicPosts: 6,293
    Thane said:
    <Snip>

    soooo... he was the guy who had a phone?:)
    And he used it to call Netflix!
    TorvalThupli
  • PemminPemmin Member UncommonPosts: 622
    edited January 1
    Alverant said:
    The guy got $10 million for being fired. Am I the only one who has a problem with this? Will the people who lost their jobs because of his bad decisions get a severance package just as good?
    no, severance packages are given to these high level execs to keep them from suing. 10 million dollars is cheaper then litigation costs and PR damage from dirty laundry being aired in a court room. it has nothing to do with rewarding these people and everything to do with reducing costs.
    craftseeker
  • H0urg1assH0urg1ass Member EpicPosts: 2,234
    Was he originally Activision side or Blizzard side?

    All speculation aside about what he may have done to get fired, it's important to know whether this is more of Activision cleaning house in Blizzard or something else. 
    Gorwe
  • NycteliosNyctelios Member EpicPosts: 3,437
    H0urg1ass said:
    Was he originally Activision side or Blizzard side?

    All speculation aside about what he may have done to get fired, it's important to know whether this is more of Activision cleaning house in Blizzard or something else. 
    If I remember correctly the rumors we had the entire last year was about a CFO from Activision side being put on Blizz to make cuts.
    H0urg1assGdemamiThahar
    Steam ID Discord ID: Night # 6102 - GoG ID - 

    "There is a fine line between consideration and hesitation. The former is wisdom, the latter is fear." Izaro Phrecius, Holy Emperor of the Eternal Empire, Last of Royal Phrecius Family.
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