Spotify founder Daniel Ek stepping down as CEO, company names co-CEOs to replace him

Spotify's CEO Daniel Ek has announced his decision to step down from his leadership role, transitioning to the position of executive chairman. This significant change was made public by the company on Tuesday, leading to a slight dip in Spotify's shares, which fell by approximately 4% following the news. Ek, who co-founded the popular streaming service in 2006, will be succeeded by Gustav Söderström and Alex Norström, both of whom have been serving as co-presidents and have extensive experience within the company. The official handover of responsibilities will take place on January 1, 2026. In a statement, Ek expressed confidence in Söderström and Norström, stating, "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." He emphasized that the change in titles reflects the way the company has already been operating for some time. Having been a board member since 2008, Ek revealed that his new role will concentrate on directing the company’s long-term strategy and supporting its senior leadership. "It's been an honor of a lifetime for me to be able to lead Spotify for close to 20 years," he remarked in a post on X, highlighting the significance of his tenure at the helm of the streaming giant.