Spotify CFO becomes one of thousands departing the streaming service, after selling $9M in shares
Spotify’s chief financial officer, Paul Vogel, is leaving next year, the music streaming service said — just days after the company announced its third round of layoffs for 2023
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Spotify's chief financial officer will step down next year, according to the music streaming service, just days after it announced its third round of layoffs for 2023.
In a statement announcing CFO Paul Vogel’s departure, CEO Daniel Ek said 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 said this week that it would be axing 17% of its global workforce, citing the need to slash costs and become profitable. About 1,500 people will lose their jobs, a spokesperson confirmed.
Shortly after the layoffs were announced Monday, Spotify’s stock jumped about 8%. On Tuesday, Vogel moved to sell more than $9.3 million worth of shares, according to securities filings.
Two other senior executives also cashed in over $1.6 million in shares, The Guardian reported.
The Associated Press reached out to Spotify for further comment on Friday.
Vogel will leave Spotify on March 31. Ben Kung, who currently serves as vice president of financial planning and analysis, “will take on expanded responsibilities” in the interim as Spotify searches for a successor externally, the company said in a blog post.
Stockholm-based Spotify posted a net loss of 462 million euros (about $500 million) for the nine months to September. The company announced in January that it was axing 6% of total staff. In June, it cut staff by another 2%, or about 200 workers, mainly in its podcast division.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.