So many people lost their jobs due to layoffs. It’s good to see one person I’m glad to see lose their job is the CFO of Spotify.
Paul Vogel was responsible for handling the money while Spotify moved into podcasts and audiobooks. He’ll be leaving the company at the end of March 2024.
Daniel Ek, Spotify’s CEO, made the decision because Vogel just didn’t have what it would take to expand Spotify while also meeting market expectations. While Vogel is packing his things, the company will begin searching for his replacement.
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. 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.”
Spotify CEO Daniel Ek
Vogel had been at Spotify for a while. He started there in 2016 working as the head of FP&A, treasury, and investor relations.
Before his exit, Vogel won’t be going home empty handed. An SEC filing had been posted on Thursday, the day before the news broke, that he let go of 47, 859 stock options on Tuesday and sold them. The stocks he sold were worth $9.38 million. While he had let go of some stock earlier in the year, this one was the biggest yet.
So, even though he lost his job, he’s gonna get paid and it won’t be hard for him to find another job.
Wish we could say the same for everyone else who got laid off.
Source: The Verge
