The CFO of Spotify Paul Vogel has resigned days after mass layoffs

This week, amidst layoffs at Spotify, the departure of Chief Financial Officer (CFO) Paul Vogel stands out as the most significant. Vogel, who has managed the company’s finances since 2020, overseeing its expansion into podcasting and audiobooks, will be leaving at the end of March 2024.

Spotify CEO Daniel Ek explained that the decision was made because Vogel lacked the necessary experience to help the company grow and meet market expectations. Spotify is now in search of a successor. Ek mentioned that Spotify has been working to align spending with market expectations while funding growth opportunities. He expressed appreciation for Vogel’s support during the global pandemic and economic uncertainty. Vogel, however, did not provide a statement.

Spotify, after testing investors’ patience with acquisitions and investments, is now focusing on profitability. The company has faced setbacks in its original podcasting operations, leading to layoffs affecting approximately 17 percent of its staff, including the cancellation of prominent shows like Heavyweight and Stolen.

Vogel, a long-time Spotify employee, joined in 2016 and became CFO in 2020. Before that, he held positions at Barclay’s and Alliance Bernstein. Notably, an SEC filing revealed Vogel’s exercise of stock options and sale of shares worth $9.38 million, which coincided with his departure news. The reasons behind the stock sale remain unclear, as Spotify did not provide clarification upon request.