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SPOTIFY CFO PAUL VOGEL EXITING IN MARCH

Spotify CFO Paul Vogel will exit the DSP on 3/31. In the interim, VP of Financial Planning and Analysis Ben Kung "will take on expanded responsibilities to support the company's realignment of its financial leadership team."

The news comes two days after Spotify laid off 17% of its staff in a move CEO Daniel Ek called "a strategic reorientation." An estimated 1,500 jobs were cut.

"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," Ek said. "I've talked a lot with Paul about the need to balance these two objectives carefully. Over time, we’ve come to the conclusion that Spotify is entering a new phase and needs a CFO with a different mix of experience. 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."

"As we initiate the search for a new leader, we do so from a position of strength," Ek continued. "I am enormously proud of the strides we've made as a company. We are on track to deliver against the goals we outlined at our Investor Day and our recent actions will help us accelerate these efforts. We look forward to tapping a strong financial leader as our next CFO and I will share more details soon."

Vogel's departure follows Spotify's return to profitability in the third quarter of 2023 as monthly active users rose 26% to 574m. At the time, Ek told stock analysts that the company was well on its way to hitting the goal of 1b users by 2030. Premium subscribers had grown 16% over Q3 2022 to 226m in the three-month period that ended 9/30. Premium revenue had increased 10% to €2.91b. And ad-supported revenue was also up 16%, climbing to €447m.

In October, Vogel told analysts that Spotify was "on a different trajectory" and that it would be "consistently in the black" in the future.

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