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CORRECTED-UPDATE 1-Spotify CFO Paul Vogel to step down next year

Reuters
Updated ·1-min read

(Corrects last paragraph to clarify that Ben Kung will be taking on additional responsibility)

Dec 7 (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 interim Ben Kung, vice president of financial planning and analysis, would take on additional responsibilities. (Reporting by Roshia Sabu and Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)