Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
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
