Swedish music streaming company Spotify is appointing a new veteran Chief Financial Officer (CFO) to improve profitability.
Spotify announced on the 4th (local time) that it had appointed Christian Luiga, the former CFO of Saab, as Paul Vogel’s successor. Vogel left in March after about eight years of service.
For about four years, Luiga served as the CFO and Vice President of Saab, a Swedish defense equipment group, and is expected to join in the third quarter.
Saab stated that Luiga would stay until October 3rd, observing a six-month notice period.
Until his successor takes over, Ben Kung, Spotify’s Senior Vice President of Financial Planning and Analysis, will serve as the interim CFO.
This personnel change comes as Spotify doubles its efforts to improve profitability. The company has laid off employees and raised usage fees.
Spotify raised its fees by about $1 in several countries, including the U.S., last year. Bloomberg reported that it had planned to raise prices by $1 to $2 per month in five markets, including the UK and Australia, by the end of April and to increase prices in the U.S. by the end of this year.
On the other hand, Spotify has boldly jumped into the podcast and audiobook industry to reduce its dependence on the music industry and increase its user base to 1 billion by 2030.
Most Commented