Dawn Ostroff, Spotify’s former chief content and advertising business officer who led the company’s podcast expansion, will be entitled to nine months of her $1 million base salary as part of her exit package with the audio giant, according to documents filed with the Securities and Exchange Commission on Thursday.
Ostroff’s departure was first revealed Jan. 23 by Spotify CEO Daniel Ek as part of a major round of layoffs and executive reorganization. Though she is expected to remain with Spotify in an advisory role, Ostroff’s last day in the executive position was Jan. 31, according to the securities filings.
As part of her separation agreement, which includes a non-compete clause, Ostroff will receive her $1 million base salary, COBRA health benefits and vesting of her equity- and cash-based long-term incentive awards through April 17 in lieu of the three-month notice period that was included in her employment agreement. After that period, Ostroff will be entitled to receive an additional six months of her base salary, health benefits and six months of accelerated vesting of her long-term incentive awards. The exact amount of Ostroff’s total exit compensation will largely be influenced by Spotify’s stock price over time.
In the same securities filing, Spotify also revealed that Ostroff received just under $7.5 million in compensation during 2022, with the majority of that executive payday coming from stock awards and the company’s incentive program.
Alex Norström, the former chief freemium business officer who is now overseeing content as part of his new position as chief business officer and co-president, received about $9.2 million in compensation during 2022. $325,000 of the pay was Norström’s base salary, while the majority came from option awards and stock awards.
Gustav Söderström, Spotify’s former chief research and development officer, received $14.16 million in compensation; $312,500 came from Söderström’s base salary, while the remainder of his executive pay came from option awards. The executive now serves as Spotify’s co-president and chief product and technology officer.
Ek’s compensation for 2022 amounted to $181,085 for home security costs. The top executive notably has not taken a base salary since 2017 and has not received a bonus since 2020.
