Newly appointed Spotify CFO has experience in defense sector
The Swedish music streaming giant Spotify has found a successor for its former CFO Paul Vogel, who resigned at the end of March. Spotify announced recently that they have appointed Christian Luiga, the former CFO and deputy CEO of Saab, a defense company also based in Stockholm, as the new CFO. According to current plans, Luiga will join the company in the third quarter of 2024, taking responsibility for financial planning, audit, and investor relations, among other areas.
Spotify began the search for a new CFO in December, coinciding with the announcement of a third round of layoffs for the year affecting around 1,500 employees. Founder and CEO Daniel Ek cited economic downturn and increased interest rates as reasons for the layoffs.
Following the announcement, Spotify's stock price rose by 7.5%. The next day, then-CFO Vogel sold off shares valued at 9.4 million dollars. Spotify informed about his departure later that same week.
Shared Interests in Munich
Luiga has been serving as CFO and vice CEO of Saab since September 2020. The publicly traded company manufactures combat aircraft, anti-tank weapons, and submarines, among other products. In Germany, it has been collaborating with the Munich-based startup Helsing since May 2022, which develops AI technologies for military use.
The two partners were awarded a contract by the German government in June last year to equip the Eurofighter for „cognitive electronic warfare“ – incorporating AI-based software for reconnaissance and self-protection purposes. Saab also has a financial stake in Helsing, just like Spotify founder Daniel Ek.
