Spotify co-founder Daniel Ek is stepping down as CEO of the Stockholm-based streaming giant after nearly twenty years. This change is seen as a step towards the company's future strategy. Ek's decision can be evaluated as the beginning of a new phase in Spotify's development.
Redaksiya reports that Ek has served as Spotify's CEO since co-founding the company with Martin Lorentzon in 2006. Starting next January, Ek will transition to the role of Executive Chairman of Spotify, and two internal co-CEOs will be appointed in his place. The current co-CEOs will be Gustav Söderström, Chief Product and Technology Officer, and Alex Norström, Chief Business Officer. Ek stated that over the past few years, he has delegated a significant portion of Spotify's daily management and strategic direction to Alex and Gustav.
Ek explained the reason for the change in a video shared on X, emphasizing that the time had come. He noted how the co-CEOs expanded Spotify's video podcasts and other successful products, and that Spotify has been profitable for over a year. Ek added that he will participate in the "major strategic decisions" made by Spotify and help guide the co-CEOs. This change aims to focus on the company's long-term strategy and optimize its management structure.