Daniel Ek, the co-founder and leader of Spotify for nearly two decades, is stepping down from his role as CEO. The streaming giant announced on Tuesday that Ek will transition to the new role of executive chairman, with the change taking effect on January 1, 2026.
Taking over as co-CEOs will be two of the company’s long-time executives, Gustav Söderström and Alex Norström, who currently serve as co-presidents. In a statement, Ek said the move is more of a title change than a real shift in how the company operates. “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,” Ek said. “This change simply matches titles to how we already operate.”
In his new role as executive chairman, Ek said he will focus on the company’s long-term strategy and will continue to support the new leadership team. “It’s been an honor of a lifetime for me to be able to lead Spotify for close to 20 years,” Ek wrote on X.
Spotify’s stock dipped about 4% after the announcement, a sign of some investor nervousness about the change at the top. Ek has been the face of the company since he co-founded it in 2006, guiding it from a small startup to the dominant force in music streaming. The transition marks the end of an era for the company, even as Ek remains a central figure in its future.
