Spotify ousts CFO Paul Vogel after company layoffs
In more Spotify news related to the company's recent layoffs, Chief Financial Officer Paul Vogel will be departing the company by the end of March 2024. CEO Daniel Ek stated that the company is entering a new phase and requires a CFO with a different set of experiences. The search for Vogel's successor has already begun.
The announcement follows a recent SEC filing showing Vogel's exercise and sale of a substantial number of stock options. Vogel exercised more than 47,000 stock options in a sale worth $9.38 million Tuesday. This event was preceded by a significant round of layoffs affecting approximately 17% of Spotify's workforce, along with the cancellation of several original podcast shows as the company shifts its focus towards attaining profitability.
Ek said in a statement:
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. 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.
Vogel, who joined Spotify in 2016 and was promoted to CFO in 2020, did not issue a statement regarding his departure.