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
NEW YORK (AP) — 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.
