Spotify (NYSE:SPOT) stock is in the news Friday as investors in the streaming service react to news of CFO Paul Vogel stepping down from the company.
Vogel will be giving up his position as CFO of Spotify when March 2024 rolls around. Spotify hasn’t announced who will take over the position but did say it’s searching for its next CFO. Until it finds one, Vice President of Financial Planning and Analysis Ben Kung will handle the responsibilities.
Daniel Ek, founder, chairman and CEO of Spotify, said the following about Vogel’s departure.
“We’ve come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences. As a result, we’ve decided to part ways, but I am very appreciative of the steady hand Paul has provided in supporting the expansion of our business through a global pandemic and unprecedented economic uncertainty.”
SPOT Stock Lyaoffs
Investors will note that Spotify seeking a new CFO comes after the company announced a round of layoffs earlier this week. That includes plans to cut 1,500 jobs. This represents 17% of the music streaming company’s workforce.
Investors will note that Spotify has been laying off employees throughout the year following growth during the Covid-19 pandemic. Outisde of the 1,500 mentioned above, the company cut another 800 jobs throughout 2023.
SPOT stock is largely unmoving as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
