Spotify founder Daniel Ek to step down as CEO

Spotify founder Daniel Ek will step down as CEO to become executive chairman, the company said Tuesday. After the announcement, Spotify’s shares fell by more than 5% in afternoon trading, according to the Associated Press.

With the leadership shift effective Jan. 1, Chief Product and Technology Officer Gustav Söderström and Chief Business Officer Alex Norström will assume responsibilities as co-CEOs. Both currently serve as copresidents, reporting to Ek.

Spotify explained that the move «formalizes» the company’s operating structure, which has been in place since 2023. Since then, Söderström and Norström have overseen strategic development and daily operations. Ek said that much of the management had already been delegated to the pair, noting the change «simply matches titles to how we already operate.»

Ek, as executive chairman, said he will remain active in shaping Spotify’s long-term direction. He highlighted growth opportunities in regions across Asia and Africa, as well as the emergence of new technologies, including artificial intelligence.

Founded in 2006, Spotify now serves more than 700 million users, offering access to over 100 million songs, 7 million podcasts and 350,000 audiobooks, playing an essential role in the global music industry.