Spotify has recently announced the imminent departure of its Chief Financial Officer Paul Vogel, slated for the end of March, which will be next year. The release of Vogel marks the culmination of the eight-year tenure within the music streaming giant.
The founder and chief executive of Spotify Daniel 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.”
The announcement regarding Spotify comes amidst a turbulent period for the company, and recent layoffs have marked this. In a bid to structure its workforce, Spotify revealed several plans where it could reduce its employee count by approximately 1500 individuals. After all, this constitutes around 17% of its workforce.
The decision regarding Spotify follows multiple previous staff in reducing 600 employees within January this upcoming year. There would be an addition of 200 employees in June. After all, Spotify Wrapped is also going through troublesome situations.
Earlier this week, EK announced the layoffs in a blog post where he mentioned how, despite Spotify’s success, there is a challenging global economic climate. Later, he then talked about the rising costs associated with enhancing business. Spotify is all about re-evaluating its workforce size and its investment.
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