[ad_1]
Spotify’s CFO, Paul Vogel, will resign in March next year after eight years with the company. This comes after Spotify announced plans to lay off 1,500 employees, or 17 per cent of its workforce, following earlier job cuts of 600 and 200 staff members in January and June, respectively.
Spotify CEO Daniel Ekstated that the decision was made because Vogel lacked the necessary experience to help the company expand and meet market expectations.Vogel is leaving Spotify on March 31, 2024. The company is now searching for a successor, someone who has a diverse range of experiences that align with Spotify’s strategic shift towards profitability. The Vice President of Financial Planning and Analysis,Ben Kung, will take on additional responsibilities in the interim.
“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,” Daniel Ek, CEO of Spotify, said in a statement.
Vogel has been a part of the Spotify team for a long time. He joined the company in 2016 as the head of FP&A, treasury, and investor relations and was later promoted to CFO in 2020.
On Tuesday, a few days before the news of Vogel was made public, he sold 47,859 stocks of Spotify, worth $9.4 million, according to SEC filings. He sold those shares at one of the highest prices Spotify has seen in two years
Spotify CEO Daniel Ekstated that the decision was made because Vogel lacked the necessary experience to help the company expand and meet market expectations.Vogel is leaving Spotify on March 31, 2024. The company is now searching for a successor, someone who has a diverse range of experiences that align with Spotify’s strategic shift towards profitability. The Vice President of Financial Planning and Analysis,Ben Kung, will take on additional responsibilities in the interim.
“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,” Daniel Ek, CEO of Spotify, said in a statement.
Vogel has been a part of the Spotify team for a long time. He joined the company in 2016 as the head of FP&A, treasury, and investor relations and was later promoted to CFO in 2020.
On Tuesday, a few days before the news of Vogel was made public, he sold 47,859 stocks of Spotify, worth $9.4 million, according to SEC filings. He sold those shares at one of the highest prices Spotify has seen in two years
[ad_2]
Source link
More Stories
Google Maps: Three privacy features coming to Google Maps on Android, iPhones
Most-Downloaded IPhone App: This Chinese app was the most-downloaded iPhone app in the US in 2023
Ukraine’s largest mobile operator goes offline for millions of users after cyber attack