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Spotify CFO Paul Vogel to step down next year

Reuters
Updated ·1 min read

(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.

(This story has been corrected to clarify that Ben Kung will be taking on additional responsibility, in paragraph 4)

(Reporting by Roshia Sabu and Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)