Spotify's Daniel Ek Steps Down as CEO After Nearly 20 Years
Spotify founder Daniel Ek announces he will step down as CEO on January 1, 2026, transitioning to Executive Chairman as two longtime executives become co-CEOs.
In a significant announcement today, Spotify founder Daniel Ek revealed he will step down as CEO and transition to the role of Executive Chairman effective January 1, 2026. This marks the end of nearly two decades of Ek leading the music streaming giant he founded in 2006.
The New Leadership Team
Ek will be succeeded by two longtime Spotify executives who will serve as co-CEOs:
- Gustav Söderström - Currently co-President and Chief Product and Technology Officer
- Alex Norström - Currently co-President and Chief Business Officer
Both executives have over 15 years of experience at Spotify and have been instrumental in shaping the company's strategic direction.
What This Means
According to Ek, this transition formalizes how Spotify has already been operating. "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," Ek explained. "This change simply matches titles to how we already operate."
In his new role as Executive Chairman, Ek will focus on:
- Long-term strategy and vision
- Capital allocation decisions
- Maintaining connections between the board and co-CEOs
- Representing the company to key stakeholders and governments
Ek emphasized that this won't be a ceremonial position. Drawing on the European model of executive chairmanship, he clarified that he will remain actively involved in the business.
The news sent Spotify shares down approximately 6% in Tuesday trading, though the stock remains up 54% year-to-date. The company currently boasts a market capitalization of $140 billion and serves 696 million users globally.
Board Confidence
Woody Marshall, Lead Independent Director of Spotify's board, expressed strong support for the transition: "The Board has been working closely with Daniel on the evolution of Spotify's leadership structure for several years. We have tremendous confidence in Alex and Gustav as they step into these roles."
The incoming co-CEOs stated they bring "different experiences and perspectives to the CEO role" but share "a strong bias to action" as they prepare to lead Spotify's next chapter.
Looking Ahead
Under Ek's leadership, Spotify transformed from a startup to the world's leading music streaming platform, fundamentally changing how people consume music. The company recently achieved its first full year of profitability and continues to see growth opportunities in emerging markets across Asia and Africa, as well as in AI-powered features.
