Spotify lays off another 1,500 employees

Spotify lays off another 1,500 employees

San Francisco, December 10, 2023

Spotify CFO Paul Vogel will step down in March after eight years with the company. The announcement of Vogel’s departure comes three days after Spotify said it would lay off around 1,500 employees – or 17% of its workforce – to cut costs and prepare for a slowdown in growth.

• In a statement, Spotify CEO Daniel Ek said he and Vogel concluded that „Spotify is entering a new phase and needs a CFO with a different mix of experience.“
• The company is actively searching for a replacement while Ben Kung, vice president of financial planning and analysis, assumes expanded intküekürim responsibilities for the position.
• On Monday (last) week, Spotify announced the layoffs, the third round this year. Following the news, Spotify shares rose 7.5% to one of Spotify’s highest prices in two years.
• On Tuesday, Vogel exercised 47,859 stock options and sold $9.38 million worth of shares, according to securities filings.