Spotify music platform founder Daniel Ek will step down as CEO at the end of the year, the company announced Tuesday. Ek will move to the role of executive chairman, retaining control over long-term strategy and capital allocation.

As of January 1, 2026, two people who are currently co-presidents of the company will take over as CEO: Chief Product and Technical Officer Gustav Söderström and Chief Commercial Officer Alex Norström. They will be responsible to Ek and will be given seats on the board of directors - if approved by the shareholders.

"Over the past few years, I've handed over much of Spotify's operational management and strategic direction to Alex and Gustav," Ek said, his words quoted in a statement from the service. - This change only solidifies the way we already operate in the positions."

Following the company's announcement, Spotify shares fell nearly 4% to about $700.8 on the premarket. At the same time, the company's market value has risen 63% since the beginning of the year.

This article was AI-translated and verified by a human editor

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