Daniel Ek, the billionaire founder of Spotify and one of Europe’s most successful technology entrepreneurs, is stepping back from the day-to-day running of the company he launched nearly two decades ago.
From January 2026, Ek will move into the role of executive chairman, with long-time lieutenants Gustav Soderstrom and Alex Norstrom jointly assuming the position of co-CEOs.
The decision comes as Spotify enjoys a new period of stability, with nearly 700 million monthly active users and its first-ever annual profit reported in 2024.
In a memo to staff, Ek said the timing was right for change: “Alex and Gustav have clearly demonstrated that, with the support of this remarkable team, they are ready to lead Spotify as co-CEOs. And because you all have stepped up, I can confidently step back from the day-to-day.”
As executive chairman, Ek will focus on long-term strategy, capital allocation, and broader ambitions to help foster more European “super-companies” tackling global challenges.
Spotify described the new post as a “European-style chairman role”, with Ek remaining a key decision-maker and reporting line for Soderstrom and Norstrom.
Founded in Sweden in 2006 when Ek was in his early twenties, Spotify has grown into the world’s dominant music-streaming service, valued at $144 billion. The platform now draws revenue from both advertising and premium subscriptions, with about half of its customers paying for ad-free listening.
Ek’s leadership has seen the company reshape the global music industry, helping streaming revenues surpass $20 billion for the first time in 2024, according to IFPI’s Global Music Report.
Despite strong gains in Spotify’s stock this year — up 56% — news of the leadership change triggered a 4.2% drop in shares on Tuesday, closing at $697.78 in New York.
Ek, with an estimated net worth of $9.8 billion (Bloomberg Billionaires Index), will remain a central figure in Spotify’s future direction while delegating operations to his trusted deputies.
The new co-leadership is Gustav Soderstrom, currently chief product and technology officer, will continue to oversee global technology and product development and Alex Norstrom, chief business officer, will manage subscriber growth, advertising, and content across music, podcasts and audiobooks.
The three executives have worked together for more than a decade, a continuity that analysts suggest should ease concerns about disruption at the top.
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Spotify founder Daniel Ek to step back as CEO, handing reins to co-leaders