Advertisement

Spotify CFO Paul Vogel Steps Down Following Layoffs

As Vogel leaves on 31 March 2024, Ben Kung, currently vice president of financial planning and analysis, will "take on expanded responsibilities" in the interim

?

According to Spotify, its chief financial officer will retire next year, just days after the music streaming service announced its third round of layoffs for 2023. Spotify CEO Daniel Ek said in a statement announcing CFO Paul Vogel's departure that the two had 'come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences.'

Spotify announced this week that it would lay off 17 per cent of its global workforce, citing the need to cut costs and become profitable. A spokesperson confirmed to the Associated Press (AP) that approximately 1,500 people will lose their jobs.

Spotify's stock increased by about 8 per cent after the layoffs were announced earlier this week. According to securities filings, Vogel sold more than $9.3 million in shares on Tuesday. According to the Guardian, two other senior executives also received over $1.6 million in stock options.

Vogel is leaving Spotify on 31 March. Ben Kung, currently vice president of financial planning and analysis, will "take on expanded responsibilities" in the interim while Spotify searches for a replacement externally, according to a blog post.


Tags assigned to this article:
spotify Paul Vogel chief financial officer layoffs

Advertisement

Around The World