Spotify’s chief monetary officer will step down subsequent yr, in line with the music streaming service, simply days after it introduced its third spherical of layoffs for 2023. In an announcement saying CFO Paul Vogel’s departure, Spotify CEO Daniel Ek stated that the 2 had ‘come to the conclusion that Spotify is coming into a brand new section and wishes a CFO with a distinct mixture of experiences.’
Spotify stated this week that it will be axing 17 per cent of its world workforce, citing the necessity to slash prices and develop into worthwhile. About 1,500 folks will lose their jobs, a spokesperson confirmed to information company Related Press (AP).
Shortly after the layoffs have been introduced earlier this week, Spotify’s inventory jumped about 8 per cent. On Tuesday, Vogel moved to promote greater than $9.3 million price of shares, in line with securities filings. Two different senior executives additionally cashed in over $1.6 million in shares, in line with a report by the Guardian.
Vogel will depart Spotify on March 31. Ben Kung, who at the moment serves as vp of economic planning and evaluation, “will tackle expanded tasks” within the interim as Spotify searches for a successor externally, the corporate stated in a weblog submit.
Stockholm-based Spotify posted a internet lack of 462 million euros (about $500 million) for the 9 months to September. The corporate introduced in January that it was axing 6 per cent of whole employees. In June, it reduce employees by one other 2 per cent, or about 200 employees, primarily in its podcast division.
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Printed: 08 Dec 2023, 11:01 PM IST
