Spotify CFO departs days after job cuts
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The news: Media streaming provider Spotify will part with its CFO after founder Daniel Ek said the business needed a new one for a new phase.
Paul Vogel will leave on 31 March after Ek said the two realised Spotify needs a CFO with a different mix of experiences.
The numbers: Some Spotify Australia and New Zealand staff this month lost their jobs as part of the business cutting 1500 roles across the world.
The context: In the interim, Vogel will be replaced by vice president of financial planning and analysis Ben Kung.
Ek said the business had in the past two years revised spending to be in line with market expectations, while still funding growth opportunities.
Spotify's app remains the most popular one for streaming media, despite competition from providers such as Apple and Tidal.
What they said: "Spotify has embarked on an evolution over the last two years to bring our spending more in line with market expectations while also funding the significant growth opportunities we continue to identify. I’ve talked a lot with Paul about the need to balance these two objectives carefully. Over time, we’ve come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences," Ek said.
The sources: Spotify, Capital Brief
