Spotify Founder Daniel Ek Steps Down as CEO, Names Co-CEOs

Daniel Ek, co-founder of Spotify, will transition from his role as CEO to executive chairman on January 1, 2026. This leadership change involves appointing two of his deputies, Gustav Soderstrom and Alex Norstrom, as co-CEOs. The announcement was made on Tuesday by the music streaming platform, which has seen significant growth since its inception.

Leadership Transition at Spotify

In his statement, Ek emphasized that the shift in titles reflects the current operational dynamics of the company. “This change simply matches titles to how we already operate,” he explained. Over recent years, Ek has delegated much of the day-to-day management and strategic direction to Soderstrom and Norstrom, indicating a natural progression in leadership.

Spotify, which went public on the New York Stock Exchange in 2018, currently boasts a market capitalization of approximately $149 billion and serves over 700 million users globally. This substantial user base highlights the company’s significant influence in the music streaming industry.

Following the announcement, Spotify’s shares fell by more than three percent during pre-market trading. Such market reactions are common during leadership transitions, as investors assess potential impacts on company performance.

Ek’s Continued Role and Future Focus

Despite stepping back from the CEO role, Ek reassured stakeholders of his ongoing engagement with Spotify. He stated, “In my role as executive chairman, I will focus on the long arc of the company and keep the board and our co-CEOs deeply connected through my engagement.” This commitment suggests that Ek will continue to play a pivotal role in shaping Spotify’s future.

Ek co-founded Spotify in 2006 alongside Martin Lorentzon. Known for his pragmatic approach and casual attire of sneakers, T-shirts, and blazers, Ek has been a central figure in the company’s evolution. His leadership style reflects a blend of innovation and strategic foresight, which has propelled Spotify to become a leader in the competitive music streaming market.

As Spotify embarks on this new chapter, the appointment of Soderstrom and Norstrom as co-CEOs is seen as a strategic decision to leverage their expertise in product development and business strategy. Both executives have been integral to the company’s growth, positioning Spotify for continued success in the dynamic digital landscape.

With 2,400 employees from over 100 different nationalities, Spotify remains a global enterprise dedicated to connecting artists and listeners around the world. As the company navigates this leadership transition, its commitment to innovation and user experience will likely remain at the forefront of its operations.