Daniel Ek, who founded Spotify in 2006, will step down as CEO on January 1, 2026, after nearly 20 years leading the music-streaming giant. Spotify announced Tuesday that co-presidents Alex Norström and Gustav Söderström will succeed Ek as co-CEOs.
Norström, currently chief business officer, has driven Spotify’s subscription, advertising, and content strategies. Söderström, chief product and technology officer, has led product development, design, and engineering.
Ek, 42, will remain deeply engaged as executive chairman, focusing on long-term strategy, capital allocation, and supporting the leadership team.
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| Daniel Ek |
Since its founding in a modest Stockholm office, Spotify revolutionized the music industry, challenging Apple’s iTunes pay-per-song model with its subscription and ad-supported streaming service.
The company, which went public in 2018, has expanded into podcasts and audiobooks, achieving its first full-year profit in 2024 after prioritizing growth investments.
In Q2 2025, Spotify added subscribers but reported a loss, though its stock has nearly doubled in the past year.
Ek’s other ventures include Neko Health, a preventive-healthcare tech firm he co-founded, and Prima Materia, an investment firm that recently backed Helsing, a German AI defense startup. The co-CEO model, while uncommon, has worked for companies like Netflix. Oracle also recently appointed dual CEOs as its longtime chief transitioned to a vice chair role.