Spotify's Daniel Ek Steps Down as CEO, Names Co-CEOs
Spotify, the world's largest music streaming service with over 700 million users, is set to undergo a significant leadership change. Current CEO Daniel Ek will step down from his role on January 1, 2026, with two senior executives taking over as co-CEOs.
Gustav Soderstrom, the current Chief Product & Technology Officer, and Alex Norstrom, the Chief Business Officer, will assume the co-CEO roles. This move reflects the current operational structure, with Ek having delegated day-to-day management to his deputies. Ek, who co-founded Spotify with Martin Lorentzon in 2006, will transition to the role of Executive Chairman, focusing on the company's long-term strategy.
Spotify's market capitalization stands at $149 billion. However, the announcement of the leadership change led to a drop of more than 3% in Spotify's shares during pre-market trading.
The change in leadership at Spotify, effective January 1, 2026, aims to maintain the company's growth and innovation. Daniel Ek, despite stepping down as CEO, will remain an active part of Spotify in his new role as Executive Chairman.
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