One of Spotify’s most significant departures this week amid widespread layoffs is Chief Financial Officer Paul Vogel, who has overseen the company’s financial strategies since 2020, navigating its expansion into podcasting and audiobooks. Vogel will depart the company by the end of March 2024.
Vogel, a longstanding Spotify employee who joined in 2016 overseeing FP&A, treasury, and investor relations, ascended to the CFO role in 2020. Prior to this, he held positions as a managing director at Barclay’s and an SVP at AllianceBernstein.
Spotify CEO Daniel Ek stated that Vogel’s departure was due to the need for a CFO with a different set of skills to support the company’s growth and meet market expectations. The company has initiated the search for a successor.
Ek acknowledged Vogel’s role in steering Spotify through the challenges of global expansion during a pandemic and economic uncertainty. However, he noted the company’s evolution towards a new phase requiring a CFO with varied experiences.
Following a period of acquisitions and investments that tested investor patience, Spotify is now prioritizing profitability. Recent closures within its original podcasting operations, including the cancellation of prominent shows like Heavyweight and Stolen, accompanied a larger layoff affecting approximately 1,500 staff across product, advertising, marketing, and content teams, amounting to 17% of its workforce.
Before the public announcement of Vogel’s departure, an SEC filing revealed Vogel’s exercise of 47,859 stock options on Tuesday, selling these shares at one of Spotify’s highest prices in two years, amounting to a sale of $9.38 million. While previous stock exercises and sales occurred in March and September, this recent sale was notably larger.
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