Earlier this week, Spotify announced another round of layoffs that will see more than 1,500 employees leave the company. It has now been revealed that one of those fired was Spotify CFO Paul Vogel, who had held his post since 2020.
Spotify CEO Daniel Ek said the decision was made because Vogel did not have enough experience to help the company expand and meet market expectations. Spotify is currently looking for a new CFO.
“Over the past two years, Spotify has embarked on an evolution to align its costs with market expectations while funding the significant growth opportunities we continue to identify. I have spoken a lot with Paul about the need to balance these two goals. Over time, we came to the conclusion that Spotify was entering a new phase and needed a more experienced CFO. For this reason, we have decided to part ways, but I am very grateful to Paul for his steady hand in supporting our company’s expansion despite a global pandemic and unprecedented economic uncertainty.”Ek said in a statement.
Recall that this week Spotify announced the reduction of about 17% of employees as part of its business optimization efforts. Vogel joined the company in 2016 and headed the financial planning, treasury and investor relations departments. In 2020, he was named the company’s chief financial officer. Before joining Spotify, Vogel was managing director at Barclay’s and senior vice president at AllianceBernstein.