Spotify was named Christian Luiga on Thursday (April 4) its new financial director will be replaced Paul Vogelwho stepped down as CFO at the end of March.
Luiga will be Spotify's third CFO in five years and takes charge of financial planning and analysis amid changes to how the streaming giant pays artists, layoffs that affected nearly 17% of staff last year and increases in subscription prices with the aim of improving profitability.
Spotify grew revenue last year by 16% to 3.67 billion euros ($4.05 billion) with a 15% increase (to 236 million) in premium subscribers. However, it continues to post operating losses as it struggles with the constraints of a business model dominated by high music licensing costs.
The company had a profitable quarter last year, but posted an operating loss of 75 million euros ($82.7 million) in the fourth quarter.
Vogel, Spotify's most recent CFO, was promoted from head of investor relations to the CFO role in 2020 after his departure Barry McCarthywho took over Peloton as CEO in 2022.
He is based in Sweden and reports to the CEO of Spotify Daniel EkLuiga will start the job in late summer, according to a press release. Ben Kungvice president of financial planning and analysis, will serve as interim finance director until then.
Prior to joining Spotify, Luiga was CFO and Deputy CEO of European defense and security company Saab AB, and prior to that, he was CFO and Acting CEO of European telecommunications company Telia.
from our partners at https://www.billboard.com/business/streaming/spotify-christian-luiga-chief-financial-officer-1235648902/