Spotify co-founder Daniel Ek will step down as chief executive officer on January 1, 2026 and assume the role of executive chairman, the music streaming giant announced on Tuesday.
The company said Gustav Soderstrom, its chief product and technology officer, and Alex Norstrom, its chief business officer, will become co-chief executives.
“This change simply aligns titles with how we already operate,” Ek explained. “Over the past few years, I have handed much of Spotify’s day-to-day management and strategic direction to Alex and Gustav.”
Ek co-founded Spotify with Martin Lorentzon in 2006. The company, which listed on the New York Stock Exchange in 2018, now boasts a market capitalisation of $149 billion and more than 700 million users.
Despite the announcement, Spotify shares fell by more than three per cent in pre-market trading.
Known for his understated style — often appearing in trainers, a T-shirt and a blazer — Ek said he would remain actively involved with the company.
“As executive chairman, I will focus on Spotify’s long-term vision and ensure the board and our co-CEOs stay closely connected through my involvement,” he added.
