Spotify names former Netflix executive Barry McCarthy CFO

Spotify Ltd., the world’s largest subscription music-streaming service, hired former Netflix Inc. executive Barry McCarthy as Chief Financial Officer.

McCarthy joined Spotify’s board in February 2014, and will oversee the company’s finances from July, a Spotify spokesman said Wednesday. McCarthy replaces Peter Sterky, who will remain with the company, the spokesman said.

Spotify, which was valued at $8 billion this month in a financing round, has been amassing funds to invest in its streaming service, a growing competitor to Apple Inc. and Google Inc. in music. McCarthy previously helped Netflix go public.