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.

  - Reuters