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Spotify Chief Financial Officer Paul Vogel to Depart After Layoffs
Paul Vogel, Chief Financial Officer of Spotify, is set to depart the company in March 2024, following a series of significant layoffs at Spotify.
Spotify's Chief Financial Officer, Paul Vogel, is set to depart the company in March 2024, following a series of significant layoffs at Spotify. Vogel, who joined the streaming service in 2016 and assumed the CFO role in 2020, played a crucial role in managing the company's financial matters during its expansion into podcasting and audiobooks.
The decision for Vogel's departure, announced by Spotify CEO Daniel Ek, is attributed to the need for someone with more experience to navigate the company's expansion while meeting market expectations. The company is now actively seeking a replacement for the CFO position.
“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,” Ek said in a statement published on Thursday evening. Vogel did not issue a statement.
In a strategic shift, Spotify is redirecting its focus from growth to profitability, opting for a more financially sustainable approach. This shift has been marked by significant layoffs, affecting approximately 17 per cent of the company's workforce, including departments such as product, advertising, marketing, and content. Notably, several original podcasting operations, including flagship shows like Heavyweight and Stolen, have been cancelled.
Vogel's departure is a significant development, considering his tenure as a longstanding Spotify employee. Having joined in 2016 as the head of FP&A, treasury, and investor relations, he ascended to the position of CFO in 2020. Before joining Spotify, Vogel held roles as a managing director at Barclay’s and an SVP at AllianceBernstein.
Before the public announcement, an SEC filing on Thursday revealed that Vogel exercised 47,859 stock options on Tuesday and subsequently sold the shares at one of the highest prices Spotify has seen in two years, totalling $9.38 million. While Vogel had previously exercised options and sold stock in March and September, this recent sale was notably more substantial. The circumstances surrounding the stock sale, whether scheduled or triggered by stock prices, remain unclear as Spotify has not responded to requests for clarification.
