Fortune Magazine Interviews Top Executive Recruiters at Cowen Partners

      Fortune Asks Cowen Partners About Spotify’s CFO

      Spotify’s CFO Paul Vogel is stepping down from his position. Daniel Ek, founder, CEO, and chairman of the board of Spotify, said, in a public announcement, that Vogel doesn’t have the experience for the company’s “new phase.”

      A global leader in audio streaming, the Stockholm—based company announced on Dec. 7 that Vogel will be leaving the company on March 31, and they’ve launched an external search for his successor. Ben Kung, VP of financial planning and analysis (FP&A) will take on expanded responsibilities.

      So what does Ek mean by needing “a CFO with a different mix of experiences”? I reached out to Spotify for further clarification. But the company declined to comment further. So I asked Shawn Cole, president and cofounder of Cowen Partners, a national executive search firm, for his assessment.

      “Executive change, specifically forced exits and scapegoats, are common given current economic headwinds, a credit crisis, and changing consumer spending habits,” Cole said. “Vogel, like many CFOs named during economic booms, has an investment banker background. During an economic downturn, companies are looking for more traditional operational CFOs, CPAs with a financial reporting background. I suspect this mastery of the day-to-day business is what Ek is referencing when he says ‘a different mix of experiences.’”

      Read more HERE

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