Spotify’s CFO Paul Vogel to step down in March 2024 amidst layoffs

CEO Daniel Ek says the company needs a CFO with “a different mix of experiences”

Spotify’s chief financial officer Paul Vogel is officially stepping down from his role within the company on 31 March 2024, after working for the audio giant for nearly eight years. 

The announcement - which was made by Spotify on Thursday - comes only a few days after Spotify announced its biggest round of layoffs within the company for this year, equal to 17% of its workforce and amounting to at least 1,500 full-time employees globally. 

In a statement, Spotify CEO Daniel Ek said that Vogel and the company decided to part ways as the company is entering into a new phase, which requires a CFO with “a different mix of experiences”. Prior to joining Spotify, Vogel had experience working for brands in senior roles, including managing director for Barclays and CFO for OpenSky. 

“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,” said Ek. “I’ve talked a lot with Paul about the need to balance these two objectives carefully.”

“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.” 

According to Ek’s statement earlier this week regarding the layoffs, the next phase of Spotify will depend on the company being “relentlessly resourceful” and continuing to make investments and bold bets, but with a more focused approach to ensure the company maintains its profitability. 

The company has launched an external search to find a successor for Vogel’s role but in the interim, Ben Kung, Vice President of Financial Planning and Analysis, will take on expanded responsibilities to support the company’s realignment of its financial leadership team.

“As we initiate the search for a new leader, we do so from a position of strength,” said Ek. “I am enormously proud of the strides we’ve made as a company. We are on track to deliver against the goals we outlined at our Investor Day and our recent actions will help us accelerate these efforts. We look forward to tapping a strong financial leader as our next CFO and I will share more details soon.”

Vogel has not yet released a statement on his departure. An SEC filing first spotted by Podnews showed that Vogel apparently sold 47,859 shares in Spotify after the share price rose by 7.5% amidst the news of the layoffs. The sale was reportedly worth $9.377 million, which amounts to £7.46 million. 

In addition to announcing its third round of layoffs this year, Spotify also cancelled two of its hit original shows this week - Heavyweight and Stolen. Both shows are produced by Spotify Studios - previously under Gimlet Media - which was particularly affected by the layoffs, according to a Twitter post by Gimlet Union.