Spotify’s CFO is leaving the streaming service, after selling $9 million in shares

Spotify’s chief financial officer will step down next year, according to the music streaming service, just days after it announced its third round of layoffs for 2023.

In a statement announcing CFO Paul Vogel’s departure, CEO Daniel Ek said that the two had “come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences.”

Spotify said this week that it would be axing 17% of its global workforce, citing the need to slash costs and become profitable. About 1,500 people will lose their jobs, a spokesperson confirmed.

Spotify’s chief financial officer will step down next year, according to the music streaming service, just days after it announced its third round of layoffs for 2023.

In a statement announcing CFO Paul Vogel’s departure, CEO Daniel Ek said that the two had “come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences.”

Spotify said this week that it would be axing 17% of its global workforce, citing the need to slash costs and become profitable. About 1,500 people will lose their jobs, a spokesperson confirmed.

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