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Spotify revealed that its chief financial officer, Paul Vogel, is stepping down and set to leave in March 2024. This comes just a few days after the company announced it is laying off about 1,500 employees.
As per Deadline, Spotify already launched its search for a new CFO and is looking outside the company. In the meantime, it has appointed Ben Kung, the current vice president of planning and analysis, in the interim post.
Vogel’s Time in the Company
Paul Vogel joined Spotify in 2016 and has held the CFO post since 2020. His decision to step down will end his almost eight-year tenure at the Swedish music streaming company.
Vogel took over the CFO role at Spotify from Barry McCarthy, who the company said has retired. In any case, the reason for his departure was not mentioned.
Spotify Looks Forward to Recruiting the Best Exec to Replace Vogel
The outgoing chief financial officer joined Spotify with vast work experience from major companies. Before joining the company, Vogel mostly worked as an equity research analyst and portfolio manager in the investment sector.
He has spent time at Barclays, Morgan Stanley, AllianceBernstein and DLJ. Now that he is leaving, Spotify has set out to find the most ideal replacement for Vogel.
“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,” Spotify’s chief executive officer and chairman of the Board of Directors, Daniel Ek, said in a press release. “I have talked a lot with Paul about the need to balance these two objectives carefully. Over time, we have come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences.”
The CEO added that as a result of the discussion, they have decided to part ways. Ek went on to say that he is “very appreciative of the steady hand Paul has provided in supporting the expansion of our business through a global pandemic and unprecedented economic uncertainty.”
Lastly, Ek mentioned that as they begin the search for the next CFO, they will do it from a position of strength. “We look forward to tapping a strong financial leader as our next CFO and I will share more details soon,” he said.
Photo by: Alexander Shatov/Unsplash
