Spotify CFO Paul Vogel Steps Down Post Mass Layoffs Spotify CFO Paul Vogel to step down after mass layoffs at the company. Spotify announced laying off 17 percent of its workforce recently. And now, the company's CFO Paul Vogel will be stepping down soon.

Earlier this year, Spotify announced trimming its workforce by 17 percent. As a result, 1,500 employees were impacted and many of them also shared their stories on LinkedIn. And now, the company has announced that its Chief Financial Officer (CFO) Paul Vogel will also be stepping down in March 2024.

In the press release, Spotify said that its CFO, Paul Vogel, will step down from his position and leave the company on March 31, 2024. The company is looking for another person to fill in his shoes. Until that happens, Ben Kung, Vice President of Financial Planning and Analysis, will be taking on additional responsibility. Spotify CEO Daniel Ek, talking about the development, said that since the last two years, Spotify has been focusing on bringing its spending "more in line with market expectations while also funding the significant growth opportunities they continue to identify."

He added that he has talked with Vogel about the "need to balance these two objectives carefully." The CEO added that they have concluded that Spotify is "entering a new phase and needs a CFO with a different mix of experiences." He added that hence, they (Vogel and Spotify) have decided to "part ways" and that he is "appreciative of the steady hand Paul has provided in supporting the expansion of their business through a global pandemic and unprecedented economic uncertainty."

Meanwhile, in June this year, Spotify had laid off 200 employees from its podcast unit, constituting about 2 percent of its workforce. This move was aimed at streamlining operations, focusing on the core music streaming business, and reallocating resources to explore new opportunities in the podcasting space.