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Financial Leadership

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Spotify's CFO Departs Amid Layoffs and Stock Cash-In
business2 years ago

Spotify's CFO Departs Amid Layoffs and Stock Cash-In

Spotify's chief financial officer, Paul Vogel, is set to leave the company in March, just days after cashing in $9.3 million in shares. This announcement comes after Spotify revealed plans to cut nearly 20% of its global workforce. Vogel, who has been with the company for eight years, played a key role in its growth, with strong subscriber gains and increased revenue. However, Spotify continues to struggle with profitability and high costs. The company stated that it needs a new CFO with a different mix of experiences for its new phase of growth. Ben Kung, Spotify's vice-president of financial planning and analysis, will take on expanded responsibilities in the interim.