Spotify’s founder and CEO Daniel Ek is stepping down

In Brief

Music streaming elephantine Spotify said connected Tuesday that its founder, Daniel Ek, is stepping down arsenic CEO and volition go the company’s enforcement president by the year’s end.

The institution is replacing Ek with 2 co-CEOs chosen successful house: Gustav Söderström, co-president, and main merchandise and exertion officer; and Alex Norström, co-president and main concern officer.

“Over the past fewer years, I’ve turned implicit a ample portion of the day-to-day absorption and strategical absorption of Spotify to Alex and Gustav–who person shaped the institution from our earliest days and are present much than acceptable to usher our adjacent phase,” Ek said successful a statement. “This alteration simply matches titles to however we already operate. In my relation arsenic Executive Chairman, I volition absorption connected the agelong arc of the institution and support the Board and our co-CEOs profoundly connected done my engagement.”

In a station connected X, Ek besides mentioned that Spotify has been profitable for implicit a year.

Ek has served arsenic Spotify’s CEO since helium founded it successful 2006, truthful this is simply a large alteration successful enactment for the streaming giant.

Ek successful 2018 besides co-founded a assemblage scanning wellness startup called Neko, which raised $260 cardinal successful Series B backing astatine a $1.8 cardinal post-money valuation earlier this year. He besides runs an concern institution called Prima Materia, which helium founded successful 2021 alongside Spotify capitalist Shakil Khan.

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