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The collaboration spent seven non-consecutive weeks atop the Billboard Hot 100.
Two men were convicted of the musician's murder on Feb. 27.
The company announced that Folgueira was resigning to "pursue personal projects."
In an earnings call today, UMG said the cuts would result in 250 million euros ($271 million) in savings by the end of 2026. The number of people affected was not disclosed.
The Grammy-winning singer dances in the clothing brand's newest linen collection, which is available to shop now.
Listen to 10 new must-hear reggae, dancehall and soca songs by F.S., Jah Vinci, Christopher Martin and more.
UMG also reported publishing revenues rose 8.7% for both the full year and the most recent quarter.
“Cosas De La Peda,” with Gabito Ballesteros, adds a second week atop Tropical Airplay.