Following scorching on the heels of their controversial spherical of layoffs, Spotify simply kicked out their Chief Monetary Officer Paul Vogel, who will now be leaving the corporate by March 2024.

CEO Daniel Ek says relating to the departure that the corporate is coming into a brand new section and thus wants a brand new CFO with completely different {qualifications}. At the moment, the corporate is searching for who will step up and take his place. Spotify was already trying shady with all of this occurring, they usually’re not precisely redeeming themselves with this newest transfer.

Along with the spherical of layoffs at Spotify, which got here out simply after their well-known annual Spotify Wrapped program rolled out, the corporate just lately made an SEC submitting that confirmed Vogel had bought a big quantity of inventory choices. Greater than 47,000 inventory choices had been bought for a complete of $9.38 million, and their layoffs effected about 17% of Spotify’s workforce. The streaming platform additionally cancelled some authentic podcasts as they claimed they wanted to make inner shifts.

Ek says in regards to the removing of their CFO:

“Spotify has launched into an evolution during the last two years to deliver our spending extra consistent with market expectations whereas additionally funding the numerous progress alternatives we proceed to determine. I’ve talked rather a lot with Paul about the necessity to stability these two aims rigorously. Over time, we’ve come to the conclusion that Spotify is coming into a brand new section and wishes a CFO with a unique mixture of experiences. Because of this, we’ve determined to half methods, however I’m very appreciative of the regular hand Paul has offered in supporting the enlargement of our enterprise by a world pandemic and unprecedented financial uncertainty.”

Vogel has been with the corporate since 2016 and has been CFO since 2020. To this point, he has not made an official assertion.