- It has been a tumultuous week for music-streaming large Spotify.
- The corporate stated on Thursday that its CFO Paul Vogel will go away the corporate in March 2024.
- Vogel’s abrupt departure comes simply days after Spotify laid off 17% of its employees.
Spotify introduced the approaching departure of its CFO Paul Vogel on Thursday, simply days after it laid off 17% of its employees.
The corporate stated in a assertion that Vogel is slated to depart Spotify on March 31, 2024. He was appointed CFO in January 2020.
“Spotify has launched into an evolution during the last two years to carry our spending extra consistent with market expectations whereas additionally funding the numerous development alternatives we proceed to establish,” Spotify CEO Daniel Ek stated within the assertion.
“I’ve talked rather a lot with Paul about the necessity to stability these two aims fastidiously. Over time, we have come to the conclusion that Spotify is coming into a brand new section and wishes a CFO with a unique mixture of experiences,” Ek continued.
Ben Kung, who’s now Spotify’s vp of economic planning and evaluation, will assume expanded obligations throughout this era of transition, per the assertion. It added that the corporate has launched into an exterior seek for Vogel’s alternative.
It has been a tumultuous week for the music-streaming large. Spotify stated in a weblog put up on Monday that it was laying about 17% of its workforce.
Ek stated within the weblog put up that the choice to put employees off was made due to a troublesome financial setting.
“Financial development has slowed dramatically and capital has turn out to be costlier. Spotify isn’t an exception to those realities,” Ek wrote.
“As we speak, we nonetheless have too many individuals devoted to supporting work and even doing work across the work somewhat than contributing to alternatives with actual influence,” Ek stated, including that the corporate wanted to turn out to be “relentlessly resourceful.”
Monday’s announcement marks the third time Spotify has slashed jobs this 12 months. In January, the corporate laid off about 600 staff. It axed one other 200 staff in June.
Representatives for Spotify didn’t instantly reply to a request for remark from Enterprise Insider despatched outdoors common enterprise hours.
