This file illustration photo taken on January 23, 2023 shows the company logo of Swedish music streaming giant Spotify on a smartphone in Berlin. Photo by Tobias Schwarz / AFP
Stockholm: Spotify co-founder Daniel Ek will step down as CEO on January 1 and become executive chairman, handing the reins to two of his deputies in a leadership shake-up, the music streaming giant said Tuesday.
Spotify said Gustav Soderstrom, its chief product and technology officer, and chief business officer Alex Norstrom would take over as co-CEOs.
"This change simply matches titles to how we already operate," Ek said.
"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," he said.
The change would come into effect on January 1, 2026.
Ek co-founded Spotify with Martin Lorentzon in 2006.
The company, which made its debut on the New York Stock Exchange in 2018, now has a market capitalisation of $149 billion.
Spotify shares were down more than three percent in pre-market deals following the announcement.
Ek noted that the company now had more than than 700 million users.
A casual dresser usually seen in sneakers, T-shirt and a blazer, Ek -- who is known for his reserved style and pragmatism -- said he would remain an active part of Spotify.
"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," Ek said.
