Spotify Cuts Employee Base By About 6%; Chief Content Officer Dawn Ostroff To Resign

(RTTNews) - Audio streaming company Spotify Technology S.A. (SPOT) announced a reduction in its employee base by about 6%. The company estimates that it will incur approximately 35-45 million euros in severance-related charges.

Also, Dawn Ostroff, Chief Content & Advertising Business Officer, will leave Spotify as part of a broader reorganization. She will assume the role of a senior advisor to the company to help facilitate the transition.

Spotify also announced that, as part of the broader reorganization, Alex Norström, currently Chief Freemium Business Officer, and Gustav Söderström, currently Chief Research & Development Officer, will each take on additional responsibilities and be appointed as co-presidents of the company.

As per the company's third-quarter earnings report, Spotify has about 9,800 employees.

Shares of Spotify Technology are up 4% in pre-market trade on Monday.