Photo Credit: Spotify
Spotify CFO Paul Vogel cashes in $9.4 million worth of shares following post-layoff stock jump — just before the company announces his departure.
Days after the company’s mass layoffs, Spotify’s job slashing continues — with chief financial officer Paul Vogel, who joined the company in 2016 and has served as CFO since 2020, exiting at the end of March 2024. That announcement comes just days after Vogel cashed in $9.4 million in shares following the post-layoff stock jump earlier this week.
Spotify has begun the search for a successor to Vogel, who CEO Daniel Ek says lacked the experience needed to help the company meet market expectations while continuing to expand. Vice President of Financial Planning and Analysis, Ben Kung, will serve as interim financial advisor. Vogel has not issued a statement.
“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,” says Ek in a statement released Thursday evening.
“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.”
Prior to Spotify’s announcement Thursday evening, an SEC filing revealed that on Tuesday, Vogel exercised 47,859 stock options, selling the shares at one of the highest prices the company has seen in two years in a deal worth almost $9.4 million. Spotify has not responded to media requests for clarification on the stock sales.
Vogel also sold stock in March and September, but at a much lower price than the latest sale, given the company’s jump in stock price following mass layoffs. Approximately 1,500 people lost their jobs at the company this week across advertising, content, marketing, and product.