Daniel Ek, the co-founder and CEO of popular streaming service Spotify, will be stepping down from his current role next January.
The Swedish entrepreneur announced the news in a statement on Tuesday (September 30) and revealed that Spotify presidents Alex Norström and Gustav Söderström will be bumped to co-CEOs on January 1, 2026. Alongside Martin Lorentzo, Ek co-founded Spotify in 2006, and the service has amassed more than 696 million users.
In an Instagram reel, Ek gave Spotify users a heads up into the company's "next phase," sharing that he will become executive chairman of Spotify. "This is of course, some pretty big news. It's really been happening after 20 years with a lot of deliberation and together with our Board of Directors," he explained in the video below.
"The reason why we're doing this now is simply put because Gustav and Alex is doing an amazing job leading this company after having stepped in to become co-presidents in early 2023."
In a separate statement, per Forbes, Ek said that he is "ready to go from a player to a coach."
On promoting Norström and Söderström, Ek explained that he doesn't want to "to hold them back." "They're more than capable and more than ready to take it on. And in many ways, they are way better at leading this company than I ever was, as a combination," he continued.
Ek, who has a net worth of $10.1 billion, has bolstered the success of Spotify to $140.4 billion, with the streaming service expanding into audiobooks and podcasts and developing the Billions Club concert series.
Reactions to Ek's announcement have been mixed, with some expressing disappointment that the businessman would be passing the torch, while others voiced concern about what the transition means as AI-generated music ramps up.
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