Post by account_disabled on Feb 21, 2024 23:45:51 GMT -6
Of all the layoffs that have occurred at Spotify this week, this has to be the biggest. Chief Financial Officer Paul Vogel, who since has managed the company's balance sheet as it expanded into podcasting and audiobooks, will leave the company at the end of March . Spotify CEO Daniel Ek said the decision was made because Vogel did not have the experience needed to help the company expand and meet market expectations. The company is beginning the search for a successor. “Spotify has embarked on an evolution over the past two years to align our spending with market expectations while funding the significant growth opportunities we continue to identify.
I've talked a lot with Paul about the need to Luxembourg Mobile Number List carefully balance these two goals. Over time, we came to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences. As a result, we have decided to part ways, but I greatly appreciate the steady hand Paul has provided in supporting the expansion of our business through a global pandemic and unprecedented economic uncertainty,” Ek said in a statement released Thursday evening. Vogel did not issue a statement. After testing investors' patience with acquisitions and investments, Spotify is focused on generating profits, for better or worse.
Much of its original podcasting operation has closed, including this week's cancellation of its two most prestigious shows. Heavyweight and Stolen . About 1,500 people were laid off this week from product, advertising, marketing and content, representing 17 percent of its staff. Vogel is a long-time Spotify employee, having joined the company in as head of FP&A, treasury and investor relations before being promoted to chief financial officer in . Before that, he had been CEO of Barclay's and vice president senior at Alliance Bernstein.