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Spotify’s CFO is one of thousands to leave the company — after he moves to sell $9 million in shares

by Chloe Baker
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Spotify is witnessing a significant shakeup in its leadership, with its Chief Financial Officer, Paul Vogel, set to step down in the coming year. This development comes on the heels of the music streaming service’s recent announcement of its third wave of layoffs for 2023.

In an official statement regarding Vogel’s departure, CEO Daniel Ek explained that they had collectively recognized the need for Spotify to enter a new phase, necessitating a CFO with a distinct set of experiences.

The restructuring at Spotify involves a substantial reduction in its global workforce, with approximately 1,500 employees, constituting 17% of its workforce, facing job cuts. The company cites the imperative to reduce costs and attain profitability as the driving forces behind these measures.

Interestingly, following the news of the workforce reductions, Spotify’s stock experienced an 8% surge in value. Subsequently, CFO Paul Vogel embarked on selling shares worth more than $9.3 million, as indicated by securities filings. Notably, two other senior executives also liquidated shares, amounting to over $1.6 million, as reported by The Guardian.

The Big Big News has reached out to Spotify for additional comments on this matter.

Paul Vogel is scheduled to depart from his role at Spotify on March 31. During the interim period, Ben Kung, the current Vice President of Financial Planning and Analysis, will assume expanded responsibilities while the company actively seeks an external successor, as detailed in a company blog post.

It’s worth noting that Spotify, headquartered in Stockholm, reported a net loss of 462 million euros (approximately $500 million) for the nine-month period ending in September. This announcement follows previous staff reductions, with a 6% staff reduction announced in January and a further 2% reduction, primarily affecting the podcast division, in June.

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