Spotify CEO Daniel Ek Steps Down; Co-CEO Transition Announced

London, Sep 30 (AP) Spotify announced that founder Daniel Ek will step down as CEO to take on the role of executive chairman, causing the company's shares to dip in premarket trading.

The streaming giant, based in Stockholm, revealed that Ek will be succeeded by Chief Product and Technology Officer Gustav Soderstrom and Chief Business Officer Alex Norstrom as co-CEOs.

Currently serving as copresidents, Soderstrom and Norstrom will assume their new roles on January 1, reporting directly to Ek.

Spotify's press release stated that this move "formalises" the operational structure already in place since 2023, with Soderstrom and Norstrom leading strategic and operational functions.

Ek mentioned that he had previously "turned over a large part of the day-to-day management and strategic direction" to the duo.

"This change simply matches titles to how we already operate," Ek explained.

Founded nearly two decades ago by Ek, Spotify has reshaped the music industry and set the standard for modern streaming services.

The platform now boasts over 700 million subscribers, offering a vast library of over 100 million songs, 7 million podcast titles, and 350,000 audiobooks.

Despite the company's impressive growth, Spotify's shares, which had doubled in the past year, fell more than 3 percent in premarket trading following the announcement. (AP) MPL MPL

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