Spotify co-founder Daniel Ek is standing down as CEO of the Stockholm-based streaming giant after nearly two decades in the role.
Ek has served as Spotify’s CEO since he co-founded the company in 2006 with Martin Lorentzon.
Ek is moving to the role of executive chairman of Spotify in January next year and he is being replaced by two internal co-CEOs.
Gustav Söderström, co-president, and chief product and technology officer, and Alex Norström, co-president and chief business officer, will become Spotify co-CEOs.
Ek said: “Over the last few years, I’ve turned over a large part of the day-to-day management and strategic direction of Spotify to Alex and Gustav–who have shaped the company from our earliest days and are now more than ready to guide our next phase.
“This change simply matches titles to how we already operate. In my role as executive chairman, I will focus on the long arc of the company and keep the Board and our co-CEOs deeply connected through my engagement.”
In a video post on X, Ek explained the reason for the change, citing that the time was right, highlighting how the co-presidents had scaled Spotify’s video podcasts and other successful products and that Spotify had been profitable for over a year.
Ek said he would still be involved in the “big strategic decisions” undertaken by Spotify and would help guide the co-CEOs.
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