Spotify Founder Daniel Ek Transitions to Executive Chairman Role

Spotify co-founder Daniel Ek will step down as CEO of the music streaming platform on January 1, 2026, transitioning to the role of executive chairman. This significant leadership change was announced by the company on Tuesday, as Ek hands over the CEO responsibilities to his two deputies, Gustav Soderstrom and Alex Norstrom, who will take on the positions of co-CEOs.

In a statement regarding the leadership shift, Ek explained, “This change simply matches titles to how we already operate.” He acknowledged that in recent years, he had delegated much of the daily management and strategic direction of Spotify to Soderstrom and Norstrom.

Founded in 2006 by Ek and Martin Lorentzon, Spotify has grown to dominate the music streaming industry, boasting a market capitalization of approximately $149 billion. The company made its public debut on the New York Stock Exchange in 2018 and currently has over 700 million users worldwide.

Following the announcement of his transition, Spotify shares dropped more than three percent in pre-market trading. Despite this market reaction, Ek reassured stakeholders of his continued involvement, stating, “In my role as executive chairman, I will focus on the long arc of the company and keep the board and our co-CEOs deeply connected through my engagement.”

Known for his casual attire, often seen in sneakers, t-shirts, and blazers, Ek is recognized for his reserved demeanor and pragmatic approach to leadership. As Spotify continues to evolve, the co-CEO model aims to further align the company’s operational structure with its strategic goals.

With a diverse workforce of around 2,400 employees from 100 different nationalities, Spotify remains a leading player in the global music industry. The upcoming leadership transition marks a new chapter for the company as it seeks to maintain its competitive edge in a rapidly changing market.