Spotify's CFO Departing

Paul Vogel will step down as Spotify’s chief financial officer on March 31, 2024, the company announced Thursday (Dec. 7). 

As the streaming giant searches for a replacement, Ben Kung, VP of financial planning and analysis, will take on expanded responsibilities to support “the company’s realignment of its financial leadership team,” the announcement stated. 

Paul Vogel

Billboard reports Vogel was promoted to chief financial officer in 2020 after the departure of Barry McCarthy. He had previously headed Spotify’s investor relations and led the financial planning and analysis teams. During his tenure, Spotify grew from 124 million to 226 million subscribers and expanded quarterly revenue by 81% from 1.86 billion euros ($2 billion) to 3.36 billion euros ($3.63 billion). 

Despite the constant growth, Spotify has continued to routinely post operating losses and struggled to turn a financial corner within the constraints of a business model dominated by high music licensing costs. In a statement, CEO Daniel Ek noted that Spotify spent two years trying to bring its spending in line with investors’ expectations while putting money into growth opportunities. 

“I’ve talked a lot with Paul about the need to balance these two objectives carefully,” said Ek in a statement. “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.”

Vogel joins head of marketing Taj Alavi, who is also leaving the company. The departures illustrate that the deep cuts Spotify announced this week extend to the highest ranks of management.