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Spotify CFO Departure Leadership Shake-up

Major Leadership Change at Spotify: CFO Paul Vogel to Depart in March 2024

In a significant development at Spotify, Chief Financial Officer (CFO) Paul Vogel, who has been overseeing the company's financial strategy during its expansion into podcasting and audiobooks, is set to leave at the end of March 2024.

Spotify CEO Daniel Ek stated that the decision was prompted by the need for a CFO with specific expertise to navigate the company through expansion and meet market expectations.

The search for Vogel's successor has commenced.

"Spotify has undergone an evolution in the last two years to align our spending with market expectations and fuel the substantial growth opportunities we continue to identify.

We've realized that Spotify is entering a new phase and requires a CFO with a different set of experiences.

Consequently, we've decided to part ways, and I appreciate the steady guidance Paul has provided in supporting the expansion of our business through global challenges," said Ek in a statement released on Thursday evening.

Amid a wave of layoffs affecting various departments at Spotify, this departure marks a notable change in the company's leadership. Spotify, after testing investors' patience with extensive acquisitions, is now concentrating on profitability.

The company has recently made significant cuts to its original podcasting operations, including the cancellation of flagship shows like Heavyweight and Stolen.

This week, around 1,500 employees were laid off, constituting 17% of its workforce, spanning product, advertising, marketing, and content teams.

Vogel, who has been with Spotify since 2016, served as the head of FP&A, treasury, and investor relations before being appointed as CFO in 2020.

Before joining Spotify, he held leadership roles at Barclay's and AllianceBernstein.

In an SEC filing before the official announcement, it was revealed that Vogel exercised stock options and sold shares worth $9.38 million. The circumstances surrounding this substantial stock sale are yet to be clarified by Spotify.


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