Daniel Ek will step down as Spotify CEO and become the company's executive chairman by the end of the year. Gustav Söderström and Alex Norström will serve as co-CEOs, taking responsibility for day-to-day management and strategic direction. Ek stated that he had already transferred much operational control to the two executives and will focus on long-term strategy and Board coordination. Spotify reported being profitable for over a year. Ek founded Spotify in 2006, making the leadership move a major change for the company. Ek also co-founded Neko in 2018 and manages investment firm Prima Materia, founded in 2021 with investor Shakil Khan.
""Over the last few years, I've turned over a large part of the day-to-day management and strategic direction of Spotify to Alex and Gustav-who have shaped the company from our earliest days and are now more than ready to guide our next phase," Ek said in a statement. "This change simply matches titles to how we already operate. In my role as Executive Chairman, I will focus on the long arc of the company and keep the Board and our co-CEOs deeply connected through my engagement.""
"The company is replacing Ek with two co-CEOs chosen in house: Gustav Söderström, co-president, and chief product and technology officer; and Alex Norström, co-president and chief business officer. In a post on X, Ek also mentioned that Spotify has been profitable for over a year. Ek has served as Spotify's CEO since he founded it in 2006, so this is a big change in leadership for the streaming giant."
Read at TechCrunch
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