news 6 days ago

Spotify’s Chief Accounting Officer Luca Baratta Is Out

Variety — Janko Roettgers

Spotify’s chief accounting officer Luca Baratta has left the company, the music streaming service revealed in a SEC filing Wednesday afternoon. Baratta will be succeeded by Paul Sawyer, Spotify’s current controller.

“Mr. Baratta’s departure is not the result of any disagreement with the Company’s accounting principles or practices,” declared the statement in typical boilerplate fashion.

A Spotify spokesperson confirmed the departure in an email to Variety, writing: “We are grateful for Luca’s service to Spotify and wish him luck in his future endeavors.”

Baratta became Spotify’s chief accounting officer in early 2016. Before that, he worked as the vice president of finance and chief accounting officer at Twitter. His successor, Paul Sawyer, joined the music streaming service in the same year.

News of Baratta’s departure comes just days after Spotify’s head of music Nick Holmsten stepped down from his post. And in July, the company’s global head of curation strategy, left for Universal Music.

Investors responded negatively to the announcement of Baratta’s departure, sending the company’s share price down $1.75, or 1.3%, in after-hours trading. During normal trading hours, Spotify’s stock was up close to 1.6% Wednesday.

 

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