Spotify’s chief financial officer will step down next year, according to the music streaming service, just days after announcing a third round of layoffs for 2023. In a statement announcing CFO Paul Vogel’s departure, Spotify CEO Daniel Ek said the two ‘came to the conclusion that Spotify was entering a new phase and needed a CFO with a different mix of experience.’
Spotify said this week it would cut 17 percent of its global workforce, citing the need to cut costs and become profitable. About 1,500 people will lose their jobs, a spokesman confirmed to the Associated Press (AP).
Shortly after announcing the layoffs earlier this week, Spotify’s stock jumped nearly 8 percent. On Tuesday, Vogel moved to sell more than $9.3 million worth of shares, according to a securities filing. Two other senior executives also cashed in shares worth more than $1.6 million, according to the report of the Guardian.
Vogel will leave Spotify on March 31. Ben Kung, who currently serves as vice president of financial planning and analysis, “will take on increased responsibilities” in the interim as Spotify looks externally for a successor, the company said in a blog post.
