Executive Carousel Continues at Activision

Activision (ATVI - Cramer's Take - Stockpickr) is changing the nameplates in its executive suite yet again.

The video-game software publisher announced Monday the hiring of a new chief financial officer. Thomas Tippl, formerly a manager with Procter & Gamble (PG - Cramer's Take - Stockpickr), is replacing William Chardavoyne, who has been with Activision for more than five years.

Chardavoyne will stay on with Activision until the end of the company's fiscal year in March before leaving to pursue other interests, the company said.

Tippl's hiring marks the second time in four months that Activision has lured away a manager from P&G. The company in June hired Michael Griffith, formerly president of P&G's global beverage division, to be CEO of its publishing unit.

"Thomas' extensive credentials and my personal experience working with him in the past give me confidence that he is the right person to build on our track record of growth and take us to the next level of leadership in the video game industry," Griffith said in a statement.

Activision has been shaking up its executive suite in recent months. Last week, the president of its publishing division, Kathy Vrabeck, resigned Although the company did not explain her departure, Vrabeck was essentially passed over for a promotion when the company hired Griffith.

As part of the Griffith hiring in June, Activision promoted Ron Doornink, Griffith's predecessor, to chairman of its publishing unit in June. A month later, the company took steps to replace Richard Steele as president of its distribution unit and remove him from the unit's day-to day operations.

Investors seemed to shrug off the changes on Monday afternoon. In recent after-hours exchanges following the announcement of the CFO change, Activision shares were up 4 cents, or less than 1%, to $22.57. Earlier in the day, the stock closed regular trading up 43 cents, or about 2%, to $22.53.