Spotify founder and CEO Daniel Ek is stepping down as the music giant’s chief and will transition to the role of executive chairman effective from the start of next year.
The Swedish music company, listed on the New York Stock Exchange, announced that Gustav Söderström, co-president and chief product and technology officer, and Alex Norström, co-president and chief business officer, as its new co-CEOs.
They will report to Ek and will also serve on the company’s board subject to shareholder approval.
According to a press release, Spotify has been operating under the leadership of the two co-presidents since 2023.
“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,” Daniel Ek said in a statement.
As chairman, Ek will determine capital allocation, map the long-term future of Spotify and support and guidance its senior team.
Ek, who launched Spotify in 2008 and has grown it to more than 700m users, is also the cofounder ofbody scanning startup Neko Health and has invested in a number of startups through his investment company Prima Materia, including defence tech startup Helsing.
In 2020, he announced that he would invest €1bn of his wealth in European moonshot projects.
