Spotify's CFO Resigns Amidst Mass Layoffs and Share Sell-off
Spotify's CFO, Paul Vogel, will step down from his position after eight years at the company, just days after the announcement of its third round of layoffs this year. The music streaming giant is undergoing an evolution to align its spending with market expectations while funding growth opportunities. Spotify CEO Daniel Ek stated that the company is entering a new phase and requires a CFO with a different mix of experience. An external search for Vogel's successor has been launched, and in the interim, Ben Kung, vice president of financial planning and analysis, will take on an expanded role. Despite the recent layoffs, Spotify's stock has been performing well, with shares up about 150% year to date.
