Spotify appoints new CFO, formerly a defense firm veteran at Saab AB
Christian Luiga will be joining the company later this year
Jonathan Raa/NurPhoto via Getty Images
Spotify has appointed its new chief financial officer, with Christian Luiga confirmed to be taking over from Paul Vogel.
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It was confirmed in December that Vogel would be leaving at the end of the first quarter of 2024, just after the streaming company confirmed its largest set of layoffs in 2023, in which 17 per cent of its workforce lost its jobs in a “hard but crucial” step for the business.
Luiga comes to the streaming company after working as the CFO and deputy CEO for Swedish aerospace and defense giant Saab AB, reports Spotify. He was also CFO, acting CEO and president at European telecommunications company, Telia. Spotify also confirms that Luiga would be joining the company from Q3 onwards (and will remain there no later than 3rd October). Ben Kung, Spotify’s VP of financial planning and analysis, will step up to become interim CFO in the meantime.
Luiga will be based in Sweden “and have responsibility for the following functions: financial planning and analysis, audit and risk, investor relations, accounting, corporate development, tax and treasury,” Spotify said.
Meanwhile, in a statement from Saab (via MusicBusinessWorldwide), Luiga said: “I have really enjoyed my time at Saab and it is a fantastic company with great opportunities. I will miss all the colleagues that I have got to know during these years and I look forward to following the continued success of the company from the sideline.” He worked for the company since September 2020.
The changes in Spotify’s chief financial officers come amid several major financial changes elsewhere in the company. Last summer, it raised its Spotify Premium prices for the first time ever and, according to reports this week, is set to do so again soon.
The streamer also recently implemented controversial changes to its royalty system in a bid to combat “drains on the royalty pool” which involved demonetising songs that had been streamed less than 1,000 times.
