Toyota Global Sales Fall as China Demand Slumps 
Trian Drops Wendy’s Take-Private Bid Plans, Shares Plunge 14% 
PayPal Shares Sink as $50 Billion Takeover Bid Collapses 
Nvidia Pauses AI Cloud Financing Deals Amid Antitrust Concerns 
Meta Agrees to $18 Billion Settlement, Tightens Teen Social Media Rules 
The Realist’s Case: Lukas Kerrebijn of RD Dubai on the Narrative Dubai’s Agents Won’t Question 
U.S. Probes Apex Logistics Over Nvidia AI Chip Shipments to China 
Honda, Nissan Eye Shared Vehicle Software Platform by 2029 
GM Canada Workers Approve C$1.1 Billion Investment Deal 
HP Stock Drops 9% Despite Q3 Earnings Beat and Raised 2026 Outlook 
Aon Nears $17 Billion Deal to Buy USI Insurance From KKR 
Itochu Offers $1.56 Billion to Privatize Dentsu Soken 
Star Entertainment Shares Fall After A$307 Million FY2026 Loss 
Nvidia Reportedly Eyes $13 Billion Hugging Face Acquisition 
Jefferies Names AMEC Top China Semiconductor Equipment Pick 
Nvidia Revenue Soars 106% as AI Demand Hits ‘Inflection Point’ 
Trump Administration Plans New Drug Pricing Deals With Biotech Firms 
Add as a preferred source on Google
Spotify revealed that its chief financial officer, Paul Vogel, is stepping down and set to leave in March 2024. This comes just a few days after the company announced it is laying off about 1,500 employees.
As per Deadline, Spotify already launched its search for a new CFO and is looking outside the company. In the meantime, it has appointed Ben Kung, the current vice president of planning and analysis, in the interim post.
Vogel’s Time in the Company
Paul Vogel joined Spotify in 2016 and has held the CFO post since 2020. His decision to step down will end his almost eight-year tenure at the Swedish music streaming company.
Vogel took over the CFO role at Spotify from Barry McCarthy, who the company said has retired. In any case, the reason for his departure was not mentioned.
Spotify Looks Forward to Recruiting the Best Exec to Replace Vogel
The outgoing chief financial officer joined Spotify with vast work experience from major companies. Before joining the company, Vogel mostly worked as an equity research analyst and portfolio manager in the investment sector.
He has spent time at Barclays, Morgan Stanley, AllianceBernstein and DLJ. Now that he is leaving, Spotify has set out to find the most ideal replacement for Vogel.
“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,” Spotify’s chief executive officer and chairman of the Board of Directors, Daniel Ek, said in a press release. “I have talked a lot with Paul about the need to balance these two objectives carefully. Over time, we have come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experiences.”
The CEO added that as a result of the discussion, they have decided to part ways. Ek went on to say that he is “very appreciative of the steady hand Paul has provided in supporting the expansion of our business through a global pandemic and unprecedented economic uncertainty.”
Lastly, Ek mentioned that as they begin the search for the next CFO, they will do it from a position of strength. “We look forward to tapping a strong financial leader as our next CFO and I will share more details soon,” he said.
Photo by: Alexander Shatov/Unsplash
