Spencer Neumann Replaces David Wells as Netflix’s New CFO

The media streaming company Netflix Inc appoints media finance veteran Spencer Neumann as its new Chief Financial Officer (CFO), Reuters reported.

Mr.Neumann will start at the company in early 2019, the news agency reported.

According to the report, Netflix had poached Mr. Neumann from the video game company.

Netflix plans the next CFO to be based in Los Angeles with a focus on production finance asthe media streaming company is committed to making more of its own films and shows, the report said.

Spencer Neumann replaces David Wells who stepped down after almost one and a half decades at Netflix.

Activision Blizzard, a video game company, had fired Mr.Neumann two days ago. The video game company did not specify the reason for terminating his contract. The company named Dennis Durkin as its new CFO who until recently was working as Chief Operating Officer.

The video game company in its regulatory filing said: “We intended to terminate Neumann for cause unrelated to the company’s financial reporting or disclosure controls and procedures.”

Netflix was incorporated by Reed Hastings and Marc Randolph in Scotts Valley, California in 1997. The company is headquartered in Los Gatos, California. It is competing with Amazon Prime Video internationally and several other regional players such as Hotstar in India.