Spotify Founder Daniel Ek to Step Down as CEO, Transition to Executive Chairman; Names New Co-CEOs

Spotify shares fell after the company announced that founder and Chief Executive Officer Daniel Ek will step down from his role and transition to Executive Chairman effective January 1, 2026. At the same time, the company will appoint Gustav Söderström, currently co-President and Chief Product and Technology Officer, and Alex Norström, co-President and Chief Business Officer, as co-CEOs. Both will report to Ek and serve on Spotify’s Board of Directors, subject to shareholder approval.

The leadership change formalizes the way Spotify has operated since 2023, with Söderström and Norström taking the lead in strategic development and day-to-day execution. As Executive Chairman, Ek will adopt a role similar to the European chairman model, focusing on capital allocation, long-term strategy, and providing guidance to senior management while ensuring close alignment between the Board and the new co-CEOs.

“I always believed Spotify could play an important role in revolutionizing listening around the world, and with more than 700 million users, we’ve truly charted a new course,” Ek said in a statement. “Over the last few years, I’ve handed over much of the day-to-day management and strategic direction to Alex and Gustav—who have shaped the company from our earliest days and are now ready to lead our next phase. This change simply aligns titles with how we already operate. As Executive Chairman, I will focus on Spotify’s long arc and keep the Board and our co-CEOs deeply connected through my engagement.”

Woody Marshall, Lead Independent Director of Spotify’s Board, added: “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. With more than 15 years each at the company, they have been instrumental in driving Spotify’s success and industry leadership. We are also pleased that Daniel will remain deeply involved, providing founder-led strategic stewardship and mentorship as Spotify continues to innovate and scale.”

In a joint statement, Söderström and Norström said: “We’ve worked together for a very long time and have seen Spotify through many different chapters. Nearly three years ago, when we became co-Presidents, we asked our teams to relentlessly focus on building the best and most valuable experience in the market. That ambition hasn’t changed. While we bring different perspectives to the CEO role, we share a strong bias for action and are eager to get started with Daniel’s full partnership and support.”