On Thursday, Spotify announced the appointment of Christian Luiga, a senior executive from Saab, as its new Chief Financial Officer (CFO). Luiga takes over from Paul Vogel, who departed in March after serving nearly eight years at the Swedish music streaming giant.

Luiga, who held the position of CFO and Deputy CEO at Saab, will officially join Spotify in the third quarter. In the meantime, Ben Kung, Spotify's Vice President of Financial Planning and Analysis, will serve as the interim CFO.

This move comes as Spotify intensifies its efforts to enhance profitability, including workforce reductions and adjustments to subscription prices. Bloomberg News reported on Wednesday that Spotify plans to raise prices by $1 to $2 per month in markets such as the UK and Australia by the end of April, with a similar adjustment slated for the U.S. later in the year. This follows a previous price increase of around $1 across several countries, including the U.S., last year.

Additionally, Spotify has expanded into the podcast and audiobook sectors, aiming to reach 1 billion users by 2030 and reduce its dependence on the music industry.

According to Saab, Luiga has a six-month notice period and will remain with the company until October 3.

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