Daniel Ek, the Swedish co-founder of Spotify, will step down as CEO to become the executive chair starting 1 January 2026, the streaming giant announced on Tuesday.
The role of CEO will instead be shared by two key executives: Chief Business Officer Alex Norström and Chief Product and Technology Officer Gustav Söderström, Spotify said in a statement.
"This change simply reflects the way we already operate. As executive chairman, I will focus on the company’s long-term growth," Ek explained.
He added that much of Spotify’s daily operations and strategic management have already been delegated to Norström and Söderström in recent years.
The news comes amid backlash regarding Ek’s investments in Helsing, a German defence company developing artificial intelligence-based equipment. Several artists, including British band Massive Attack, have boycotted Spotify in protest.
Ek co-founded Spotify with Martin Lorentzon in 2006. The company, which went public on the New York Stock Exchange in 2018, now has a market capitalisation of around €127 billion. The platform boasts over 700 million users worldwide, according to Ek.
