Spotify CEO Daniel Ek Steps Down, Shares Tumble
Daniel Ek is stepping down as CEO of Spotify to become executive chairman, with Gustav Soderstrom and Alex Norstrom taking over as co-CEOs. The transition, effective January 1, formalizes their operational roles. Spotify, a leader in music streaming, has 700 million subscribers.
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Spotify announced Tuesday that its founder Daniel Ek is stepping down as CEO to transition to the role of executive chairman, which led to a decline in its stock during premarket trading.
The streaming behemoth based in Stockholm revealed that Gustav Soderstrom, Chief Product and Technology Officer, and Alex Norstrom, Chief Business Officer, will be stepping in as co-CEOs. Both are currently serving as co-presidents and are set to officially assume their new roles on January 1, reporting directly to Ek.
This move by Spotify officially recognizes the operational dynamics that have been in place since 2023. Ek has already delegated substantial portions of the company's day-to-day management and strategic oversight to Soderstrom and Norstrom, aligning titles with their responsibilities. Spotify, which significantly impacted the music industry with its streaming service, now boasts over 700 million subscribers globally.
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