Spotify Boots Their CFO After Controversial Layoffs

Following hot on the heels of their controversial round of layoffs, Spotify just kicked out their Chief Financial Officer Paul Vogel, who will now be leaving the company by March 2024.

CEO Daniel Ek says regarding the departure that the company is entering a new phase and thus needs a new CFO with different qualifications. Currently, the company is looking for who will step up and take his place. Spotify was already looking shady with all of this going on, and they’re not exactly redeeming themselves with this latest move.

In addition to the round of layoffs at Spotify, which came out just after their famous annual Spotify Wrapped program rolled out, the company recently made an SEC filing that showed Vogel had sold a significant amount of stock options. More than 47,000 stock options were sold for a total of $9.38 million, and their layoffs effected about 17% of Spotify’s workforce. The streaming platform also cancelled some original podcasts as they claimed they needed to make internal shifts.

Ek says about the removal of their CFO:

“Spotify has embarked on an evolution over the last two years to bring our spending more in line with market expectations while also funding the significant growth opportunities we continue to identify. I’ve talked a lot with Paul about the need to balance these two objectives carefully. Over time, we’ve come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences. As a result, we’ve decided to part ways, but I am very appreciative of the steady hand Paul has provided in supporting the expansion of our business through a global pandemic and unprecedented economic uncertainty.”

Vogel has been with the company since 2016 and has been CFO since 2020. So far, he has not made an official statement.