The exec ultimately responsible for Spotify’s accounting practices is leaving the company, it’s been announced.
Spotify has told shareholders tonight (September 11), via an SEC filing, that Luca Baratta will resign from his position as Chief Accounting Officer (CAO) at the company on September 16.
Baratta will be succeeded in the role by Paul Sawyer, says Spotify, who will step up from his current position as Spotify’s Controller.
In a note to shareholders undersigned by CFO Barry McCarthy, Spotify said: “Mr. Baratta’s departure is not the result of any disagreement with the Company’s accounting principles or practices.”
“Mr. Baratta’s departure is not the result of any disagreement with the Company’s accounting principles or practices.”
Spotify SEC filing
The news comes just days after we learned that Spotify’s Head of Music, Nick Holmstén, was vacating the role.
Luca Baratta was named Spotify’s Chief Accounting Officer in 2016, moving over from his role at VP of Finance and Chief Accounting Officer at Twitter.
It is currently unknown who will succeed Nick Holmstén in the Head of Music role at Spotify.
Former UMG exec Jeremy Erlich joined Spotify as Head of Music Strategy in June.
He is taking over the running of Spotify’s music team in the interim following Holmstén’s exit, alongside Marian Dicus, who is currently SPOT’s VP, Global Head of Artist & Label Services.
Spotify’s total revenue in Q2 2019 stood at €1.67bn, up 31% YoY.
Premium/subscription revenue made up 90.1% of this figure at €1.50bn, also up 31% YoY.Music Business Worldwide