On Tuesday, Paul Vogel, CFO of Spotify, cashed $9.3m in shares – 24 hours after his company confirmed 1,500 layoffs. Tonight, Daniel Ek has announced Vogel is out.

Spoify CEO, Daniel Ek, has simply introduced that the corporate’s Chief Monetary Officer, Paul Vogel, is leaving the agency.

The information comes simply three days after Ek confirmed that his agency is to put off 17% of its world workforce – round 1,500 staff – as a consequence of a “hole between our monetary purpose state and our present operational prices”.

Vogel will formally depart Spotify on the finish of Q1 2024.

In an announcement immediately (December 7) about Vogel’s departure, Ek stated: “Spotify has launched into an evolution over the past two years to carry our spending extra in keeping with market expectations whereas additionally funding the numerous development alternatives we proceed to determine.

“I’ve talked so much with Paul about the necessity to stability these two aims fastidiously. Over time, we’ve come to the conclusion that Spotify is getting into a brand new part and wishes a CFO with a special mixture of experiences. In consequence, we’ve determined to half methods, however I’m very appreciative of the regular hand Paul has supplied in supporting the growth of our enterprise by way of a world pandemic and unprecedented financial uncertainty.”

Added Ek: “As we provoke the seek for a brand new chief, we achieve this from a place of energy. I’m enormously pleased with the strides we’ve made as an organization. We’re on monitor to ship towards the targets we outlined at our Investor Day and our current actions will assist us speed up these efforts. We sit up for tapping a powerful monetary chief as our subsequent CFO and I’ll share extra particulars quickly.”

As Spotify conducts an exterior seek for Vogel’s successor, the corporate stated, Ben Kung, Vice President of Monetary Planning and Evaluation, will “tackle expanded tasks to help the corporate’s realignment of its monetary management workforce”.

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Apparently, MBW has noticed in an SEC filing that on Tuesday this week (December 5), Paul Vogel cashed out 47,859 shares in Spotify – banking him USD $9.377 million.

That cash-out happened simply 24 hours after Spotify’s newest world layoffs have been introduced.

Spotify’s share worth rose 7.5% on Monday (December 4) following the layoff announcement.

Paul Vogel’s annual base wage at Spotify was $600,000 in 2022, based on SEC paperwork, however he additionally pulled in possibility awards price $6.187 million within the 12 months.

In the meantime, two territory bosses at Spotify have introduced their departure from the corporate previously few days.

SPOT’s Sweden-based MD for the Nordic area, Jenny Hermanson, introduced she was leaving Spotify on the finish of final week.

And immediately (December 7), SPOT’s long-time MD for the UK & Eire, Tom Connaughton, confirmed he too is departing the streaming enterprise.Music Enterprise Worldwide