Spotify CFO to Step Down Amid Company Restructuring

Paul Vogel's departure follows the company's third round of layoffs for 2023, with about 1,500 employees set to lose their jobs.

Spotify's CFO, Paul Vogel, will step down next year, following the company's third round of layoffs for 2023.
CEO Daniel Ek stated that Spotify is entering a new phase and needs a CFO with a different mix of experiences.
Spotify announced this week that it would be cutting 17% of its global workforce, approximately 1,500 people, in an effort to reduce costs and become profitable.
Following the announcement of the layoffs, Spotify's stock jumped about 8% and Vogel sold more than $9.3 million worth of shares.
Two other senior executives also cashed in over $1.6 million in shares.