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Friday, March 1, 2024

Spotify’s CFO is out days after mass layoffs

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Of all of the layoffs happening at Spotify this week, this needs to be the largest. Chief monetary officer Paul Vogel, who since 2020 has managed the corporate’s stability sheet because it expanded into podcasting and audiobooks, is leaving the corporate on the finish of March 2024.

Spotify CEO Daniel Ek stated the choice was made as a result of Vogel didn’t have the expertise wanted to assist the corporate each increase and meet market expectations. The corporate is beginning the seek for a successor.

“Spotify has launched into an evolution during the last two years to carry our spending extra consistent with market expectations whereas additionally funding the numerous progress alternatives we proceed to establish. I’ve talked so much with Paul about the necessity to stability these two targets fastidiously. Over time, we’ve come to the conclusion that Spotify is getting into a brand new section and wishes a CFO with a unique mixture of experiences. Because of this, we’ve determined to half methods, however I’m very appreciative of the regular hand Paul has offered in supporting the growth of our enterprise by a worldwide pandemic and unprecedented financial uncertainty,” Ek stated in a statement published Thursday evening. Vogel didn’t situation an announcement.

After testing buyers’ persistence with acquisitions and investments, Spotify is specializing in producing a revenue, for higher or worse. A lot of its authentic podcasting operation has shuttered, together with the cancellation this week of its two most prestigious shows, Heavyweight and Stolen. Roughly 1,500 folks this week have been laid off from product, promoting, advertising and marketing, and content material, amounting to 17 % of its workers.

Vogel is a longtime Spotify worker, becoming a member of the corporate in 2016 as the pinnacle of FP&A, treasury, and investor relations earlier than being promoted to CFO in 2020. Previous to that, he had been a managing director at Barclay’s and an SVP at AllianceBernstein.

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Earlier than the information broke on Thursday, an SEC submitting was posted that confirmed Vogel exercised 47,859 stock options on Tuesday and offered these shares at one of many highest costs Spotify has seen in two years. The sale was worth $9.38 million. Vogel had exercised choices and offered inventory in March and September, however this sale was considerably bigger than the opposite two. It’s doable the inventory sale was beforehand scheduled or triggered by a inventory worth. Spotify didn’t return request for clarification on the inventory gross sales.



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