Daniel Ek steps down as Spotify CEO, moves to Executive Chairman Role

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After nearly two decades at the helm of Spotify, co-founder Daniel Ek is stepping away from the CEO role and shifting into Executive Chairman starting January 1. But before you picture him disappearing, he’s been clear:

“To be clear, I’m not leaving.”

Ek’s intention is to hand more of the day-to-day operational reins to two long-time lieutenants: Alex Norström (co-President & Chief Business Officer) and Gustav Söderström (co-President & Chief Product & Technology Officer). They’ll become co-CEOs and report to Ek, also joining Spotify’s board.

Spotify says this restructure isn’t a sudden pivot but a formalisation of how things have already been functioning: Over recent years, Ek had delegated much of the strategic and operational leadership to Norström and Söderström. His new role will focus on capital allocation, long-term strategy, and guiding the senior leadership team.

This shift comes at a pivotal moment. Spotify now serves over 700 million users, up from about 678 million earlier this year. Financially, the company had its first full year of profitability in 2024, reporting €1.14 billion in net income, though it swung back to a loss of ~€86 million in Q2 of 2025, citing rising personnel and advertising costs.

Ek himself holds about 6.2 % of Spotify, and most of his net worth is tied to that stake. The co-CEO structure is rare among large public companies—under 5 % employ it.

What to watch: How smoothly the transition plays out, whether Spotify’s momentum holds, and how the dynamic between the new co-CEOs and Ek evolves. A founding CEO’s move to a more strategic role is less about stepping back and more about scaling his influence differently.