Spotify CFO Paul Vogel Steps Down Post Mass Layoffs

Earlier this year, Spotify announced a workforce reduction of 17 percent, affecting 1,500 employees. The impacted employees shared their stories on LinkedIn. Recently, the company revealed that its Chief Financial Officer (CFO), Paul Vogel, will be stepping down in March 2024.

In a press release, Spotify stated that Vogel will leave the company on March 31, 2024, and they are actively seeking a replacement. In the interim, Ben Kung, Vice President of Financial Planning and Analysis, will assume additional responsibilities. Spotify CEO Daniel Ek commented on the situation, expressing that the company has been working to align its spending with market expectations while pursuing growth opportunities. He acknowledged conversations with Vogel about striking a careful balance between these objectives. Ek stated that Spotify is entering a new phase that requires a CFO with a different set of experiences, resulting in the mutual decision to part ways. He expressed appreciation for Vogel’s guidance during the expansion of Spotify’s business amid a global pandemic and economic uncertainty.

In June of this year, Spotify laid off 200 employees from its podcast unit, representing approximately 2 percent of its workforce. The purpose of this move was to streamline operations, prioritize the core music streaming business, and reallocate resources to explore opportunities in the podcasting realm.