Daniel Ek, founder and chief executive officer of Spotify, attends the Cannes Lions 2016 on June 22, 2016 in Cannes, France.
Antoine Antoniol | Getty Images
Spotify CEO Daniel Ek will step down from his position and move to the role of executive chairman, the company said Tuesday.
Spotify shares dipped around 4% following the announcement.
Ek, who co-founded the streaming platform in 2006, will be replaced by current co-presidents and longtime executives Gustav Söderström and Alex Norström as co-CEOs, the company said in a release. The transition will happen Jan. 1, 2026.
“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,” Ek said in a release. “This change simply matches titles to how we already operate.”
Ek, who has been a member of the board since 2008, said his new role will focus on steering the company’s long-term strategy and providing support to its senior team.
“It’s been an honor of a lifetime for me to be able to lead Spotify for close to 20 years,” Ek said in an X post.
Spotify year-to-date stock chart.
