Spotify said chief financial officer Paul Vogel will be leaving at the end of March. The news comes several days after the music streamer announced about 1,500 layoffs, some 17% of its workforce.
The company has launched an external search for his successor but in the interim, Ben Kung, VP Financial Planning and Analysis, will take on expanded responsibilities to support the company’s realignment of its financial leadership team.
Vogel joined in 2016 and has been CFO since 2020.
“Spotify has embarked on an evolution over the last two years to bring our spending more in line with market expectations while also funding the significant growth opportunities we continue to identify,” said founder and CEO Daniel Ek. “I’ve talked a lot with Paul about the need to balance these two objectives carefully. Over time, we’ve come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences. As a result, we’ve decided to part ways, but I am very appreciative of the steady hand Paul has provided in supporting the expansion of our business through a global pandemic and unprecedented economic uncertainty.”
He said, “As we initiate the search for a new leader, we do so from a position of strength. I am enormously proud of the strides we’ve made as a company. We are on track to deliver against the goals we outlined at our Investor Day and our recent actions will help us accelerate these efforts.
The shares closed higher today but are down about 1.5% at $192.86 in after-market trading.
More to come…
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Source: DLine
