Spotify CFO Paul Vogel cashes in $9.4 million price of shares following post-layoff inventory bounce — simply earlier than the corporate proclaims his departure.
Days after the corporate’s mass layoffs, Spotify’s job slashing continues — with chief monetary officer Paul Vogel, who joined the corporate in 2016 and has served as CFO since 2020, exiting on the finish of March 2024. That announcement comes simply days after Vogel cashed in $9.4 million in shares following the post-layoff inventory bounce earlier this week.
Spotify has begun the seek for a successor to Vogel, who CEO Daniel Ek says lacked the expertise wanted to assist the corporate meet market expectations whereas persevering with to develop. Vice President of Monetary Planning and Evaluation, Ben Kung, will function interim monetary advisor. Vogel has not issued a press release.
“Spotify has launched into an evolution during the last two years to carry our spending extra according to market expectations whereas additionally funding the numerous progress alternatives we proceed to establish,” says Ek in a press release launched Thursday night.
“I’ve talked rather a lot with Paul about the necessity to stability these two aims rigorously. Over time, we’ve come to the conclusion that Spotify is coming into a brand new part and wishes a CFO with a distinct mixture of experiences.”
“Consequently, we’ve determined to half methods, however I’m very appreciative of the regular hand Paul has supplied in supporting the enlargement of our enterprise by way of a world pandemic and unprecedented financial uncertainty.”
Previous to Spotify’s announcement Thursday night, an SEC submitting revealed that on Tuesday, Vogel exercised 47,859 inventory choices, promoting the shares at one of many highest costs the corporate has seen in two years in a deal price virtually $9.4 million. Spotify has not responded to media requests for clarification on the inventory gross sales.
Vogel additionally bought inventory in March and September, however at a a lot cheaper price than the newest sale, given the corporate’s bounce in inventory value following mass layoffs. Roughly 1,500 folks misplaced their jobs on the firm this week throughout promoting, content material, advertising and marketing, and product.