Spotify Technology has recruited Christian Luiga, the CFO of the Swedish defense and security company Saab, as its next CFO to support the music streaming platform's goal of achieving sustained profitability.

Luiga, who has been serving as CFO and Deputy CEO at Saab since 2020 – a company that sells products such as combat weapons and surveillance technology – will join Spotify in the third quarter. Before his time at Saab, Luiga held a senior position at Telia, a Swedish telecommunications operator.

In his new position in Sweden, Luiga takes over as CFO of Spotify as the company works to strengthen its financial balance sheet. Spotify plans to increase prices by 1 to 2 dollars this month in five markets – the United Kingdom, Australia, Pakistan, Sri Lanka, and Ghana – and later in the year in the USA, as reported by The Wall Street Journal on Wednesday. The price hikes are intended to help cover the costs of expanding into the audiobook market.

The company has also cut costs, including the layoff of about 2,300 employees in three rounds of layoffs last year.

The net loss of Stockholm-based Spotify decreased to 70 million Euros in the last quarter of 2023, compared to 270 million Euros in the previous year.

In December, Spotify announced that the then Chief Financial Officer Paul Vogel will leave the company at the end of March. Until Luiga assumes his position, Ben Kung, Vice President of Financial Planning and Analysis, will temporarily take over the role of CFO, as the company announced on Thursday.

Saab has already begun the recruitment process for Luiga's successor.