Spotify’s founder, Daniel Ek, announced on Tuesday that he is stepping down from his role as CEO to become executive chairman.
The Stockholm-based music streaming giant confirmed that Ek will be succeeded by two of his top deputies, Gustav Söderström and Alex Norström, who will take over as co-CEOs on 1 January.
In a statement, the company said Söderström and Norström were the logical choice, given their central role in Spotify’s strategic development and day-to-day operations. Ek added that he had already delegated much of the daily management to his two colleagues.
Although shifting to a new role, Ek said he intends to remain actively involved and sees significant growth potential in regions where music streaming services are not yet widely adopted.
Founded in 2006, Spotify now has over 700 million subscribers and a catalogue of more than 100 million tracks.
