Spotify’s Chief Financial Officer (CFO), Paul Vogel, announced his departure from the company. This news came after Vogel had recently sold $9.377 million worth of Spotify shares just days after the company announced that they would cut 17% of their staff globally. According to an SEC filing on December 5th, Vogel sold 47,859 shares, just 24 hours after Spotify’s staff layoffs in December. Furthermore, Vogel had an annual base salary of $600,000 in 2022, as well as options worth $6.187 million.
Vogel’s departure from Spotify is part of an agreement he made with CEO Daniel Ek, and he will officially leave the company in March 2024. Daniel Ek released a statement on Vogel’s departure, thanking him for his work in supporting the company’s expansion through difficult times. However, Ek noted that Spotify is entering a new phase, and therefore, they need a CFO with a different level of experience.
In order to balance the books with market expectations, Spotify’s CEO, Daniel Ek, had made the difficult decision to lay off staff. A total of 1,500 people lost their jobs, but those affected by this will receive redundancy pay and healthcare coverage for five months. This is not the first time this year that Spotify has cut staff; the company had already laid off 600 employees in January and an additional 200 people in June.
As Spotify enters a new phase, Ek has expressed his pride in the progress the company has made so far and said that he is looking to hire a new CFO with a strong financial background. He hopes that this and other recent measures will help the company achieve their Investor Day goals, and he is positive about the future of the music streaming industry despite the recent changes at Spotify.
Music Business Worldwide reports that they have reached out to Spotify for further comment, and Mixmag has been able to publish this news on Paul Vogel’s departure from Spotify, as well as information on Spotify’s recent staff layoffs
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