Following The News Of Layoffs, Spotify Paul Vogel's CFO Will Leave The Company Next Year

Spotify is looking for a replacement for Paul Vogel's CFO (photo: dock. Spotify)

JAKARTA Spotify Chief Executive Officer (CEO) Daniel Ek announced that Chief Financial Officer (CFO) Paul Vogel will leave the company next year, to be precise on March 31.

Through a special press release for investors, Ek said that Spotify was looking for a replacement from Vogel. They create vacancies for outsiders, but that position will be temporarily occupied by Vice President of Planning and Financial Analysis Ben Kung.

According to Ek's explanation, Vogel left the company because she didn't have the experience it needed to adjust market spending and expectations, while funding Spotify's growth opportunities.

We came to the conclusion that Spotify is entering a new phase and requires CFO with a different mix of experiences. Therefore, we decided to separate, "said Ek, quoted from the official broadcast.

With Vogel's departure from the company, Ek said that he would look for candidates with strong experience. The hope is that this CFO replacement can help Spotify accelerate the company's achievements.

"We hope to elect a strong financial leader as our next CFO and I will immediately share more details," said Ek, as well as closing his statement.

On Monday, December 4, Spotify announced that it had cut off employment with 17 percent of employees in its company. The number of employees affected by layoffs is estimated at 1,500 employees.

The news of the layoffs and Vogel's resignation as CFO is certainly a major blow to investors. However, Spotify seems confident that this decision could advance the company, while keeping revenue positive.