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Paul Vogel, Spotify’s CFO, Steps Down After Third Round Of Layoffs

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Paul Vogel, Spotify's CFO, Steps Down After Third Round Of Layoffs

(CTN News) – Spotify’s chief financial officer is set to step down in the coming year, as stated by the music streaming service. This news comes shortly after the company announced its third round of layoffs for 2023.

In a statement regarding CFO Paul Vogel’s departure, Spotify CEO Daniel Ek explained that they mutually agreed that the company is entering a new phase and requires a CFO with different experiences.

Spotify recently revealed its plans to reduce its global workforce by 17%, citing the need to cut costs and achieve profitability.

A spokesperson confirmed that approximately 1,500 individuals will be affected by these job cuts, according to the Associated Press (AP).

Following the announcement of the layoffs earlier this week, Spotify’s stock experienced an increase of approximately 8%.

On Tuesday, Vogel proceeded to sell shares worth over $9.3 million, as indicated by securities filings. Additionally, two other senior executives cashed in shares worth over $1.6 million, according to a report from the Guardian.

Vogel’s departure from Spotify is scheduled for March 31.

In the meantime, Ben Kung, the current vice president of financial planning and analysis, will assume additional responsibilities on an interim basis while the company searches for an external successor. This information was shared in a blog post by Spotify.

Based in Stockholm, Spotify reported a net loss of 462 million euros (approximately $500 million) for the nine months ending in September.

The company had previously announced a 6% reduction in staff in January and a further 2% reduction, equivalent to around 200 employees, primarily within its podcast division, in June.

Spotify unexpectedly recorded a profit during the third quarter, along with remarkable growth in subscribers and users that surpassed expectations.

Despite raising subscription prices in the US and other significant markets during the summer, a highly anticipated move, the company reported that this increase did not result in higher customer turnover, as stated in a Wall Street Journal report.

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