(Reuters) – Spotify Technology said on Thursday Chief Financial Officer Paul Vogel will step down from his role next year March end after an eight-year long stint at the music streaming company.
Vogel’s departure follows a rough week at the company. Spotify has said it would lay off around 1,500 employees, or 17% of its workforce, after letting 600 of its staff go in January, and 200 more in June.
Shares of the company fell 2.3% to $191.35 in extended trading.
The company said on Thursday it has launched an external search for a successor, and in the meantime Ben Kung, vice president of financial planning and analysis, will take up the role.
(Reporting by Roshia Sabu and Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)
