From playlists to power shifts: Spotify Technology SA (NYSE:SPOT) is shuffling its top deck.
Daniel Ek, who founded the streaming service in 2006 and has led it ever since, will step aside as chief executive by year-end to become executive chairman.
The reins will pass to Gustav Söderström, Spotify’s chief product and technology officer, and Alex Norström, its chief business officer.
Both have been with the company since its early days and will serve as co-CEOs.
Ek said the move formalises a management style already in place, freeing him to focus on long-term strategy and maintaining ties between the board and leadership team.
He highlighted in a post on X that Spotify has now been profitable for over a year.
Beyond music, Ek is also active in startups and investing. He co-founded health technology firm Neko, valued at $1.8 billion after recent funding, and runs Prima Materia, an investment company launched in 2021.