Spotify Technology appoints Christian Luiga as new CFO

Spotify gets new CFO: Spotify Technology SA has appointed Christian Luiga as its new Chief Financial Officer, following the departure of Paul Vogel from the role in March. Luigi, who currently serves as the Deputy CEO and CFO at Saab AB, a European defence and security company, will assume the CFO position at Spotify in the third quarter of this year.

According to a statement from Saab AB, Luiga will continue in his current role until October 3rd to facilitate a seamless transition. With a six-month notice period in place, Luiga's transition to Spotify signifies a strategic move for both companies.

Recently, Spotify has shared its plan to implement price increases of approximately $1 to $2 per month on its plans in five markets, including the UK, Australia, and Pakistan, by the end of April.

Following this news, shares of the Swedish music streaming service surged by more than 5 per cent on Wednesday. Additionally, Spotify intends to raise prices in the United States later this year. The company also plans to introduce a new basic tier, which will provide access to music and podcasts, excluding audiobooks, under the current individual premium plan.

This new basic tier represents the first of several new pricing options that Spotify aims to introduce, according to the report.

(With Reuters inputs)