Spotify (NYSE: SPOT) announced:

On January 23, 2023, Spotify Technology S.A. (the “Company”) announced a reduction in the Company’s employee base by about 6% across the Company. The Company estimates that it will incur approximately €35-45 million in severance-related charges.

The Company also announced that, as part of a broader reorganization, Dawn Ostroff, Chief Content & Advertising Business Officer, will leave the Company. Ms. Ostroff will assume the role of a senior advisor to the Company to help facilitate this transition.

The Company also announced that, as part of such 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.