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Paul Vogel joined Spotify in 2016 as head of investor relations, financial planning and analysis and treasury teams and was promoted to CFO position in 2020, replacing Barry McCarthy who resigned.
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Prior to joining Spotify, he was managing director and head of the internet and media equity research team at Barclays.
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He also worked at AllianceBernstein as portfolio manager and at morgan stanley as research analyst.
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Vogel sold shares worth $9.3 million after the recent layoff.
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Vogel joins Taj Alavi (head of marketing since 2021), Jenny Hermanson (managing director for the Nordic region since 2015) and Tom Connaughton (managing director for the UK and Ireland since 2018) who are leaving the comapany.
Assessment
Given that some other senior executives have left the company following the layoff, Vogel may have been fired or didn’t agree with the huge headcount reduction. I consider his departure as positive for the company given that costs ballooned during his tenure. Investors such as ValueAct, which managed more than $9 billion in assets in 2019 criticised Spotify’s operating expenses. However, such high-level departures tend to create instability to the company’s operations.