Spotify announced today that founder Daniel Ek will step down as CEO and transition to the role of Executive Chairman, effective January 1, 2026. Gustav Söderström, currently Chief Product and Technology Officer, and Alex Norström, Chief Business Officer, will assume co-CEO positions, reporting directly to Ek. Both Söderström and Norström will also join the company’s Board of Directors, pending shareholder approval. 

This leadership shift reflects Spotify’s operational structure since 2023, where Söderström and Norström have been leading strategic and operational efforts. Ek emphasized that the title changes merely formalize existing roles, as he has already delegated much of the company’s daily management and strategic direction to the two executives. 

In his new role, Ek will focus on long-term strategy, capital allocation, and regulatory matters, guiding Spotify’s future direction. He will also continue to oversee his other ventures, including his investment firm, Prima Materia, and the health tech company Neko Health. 

The announcement has had a noticeable impact on Spotify’s stock, with shares falling over 5% following the news. Despite this, the leadership change is seen as a strategic move to position the company for continued growth and innovation in the evolving streaming landscape.