Music Streaming giant Spotify said Tuesday that founder Daniel Ek will step down as CEO and will become the company’s executive chairman by the end of the year.
The company is replacing EK with two co-CEOs selected by the House of Representatives. Gustav Söderström, Co-President, Chief Product and Technology Officer, and Co-President and Chief Business Officer, Alex Norström.
“In the past few years I have handed over a large portion of my day-to-day management and Spotify’s strategic direction to Alex and Gustav. He has shaped the company since our early days and is now ready to take the next stage,” Ek said in a statement. “This change coincides with the way the title is already operating. In his role as executive chair, he focuses on the company’s long arc, bringing the board and co-CEO deeper through engagement.”
In an X’s post, Ek said Spotify has been making profits for over a year.
This is a major leadership change for the streaming giant, as EK has been CEO since establishing Spotify’s CEO in 2006.
In 2018, EK co-founded a body scan health startup called NEKO. This raised $260 million in Series B funding at a $1.8 billion money valuation earlier this year. He also runs an investment company called Prima Materia, which he founded in 2021 with Spotify Investor Shakil Khan.
Source link
