Spotify’s Founder And Ceo Daniel Ek Is Stepping Down

In Brief

Music streaming elephantine Spotify said connected Tuesday that its founder, Daniel Ek, is stepping down arsenic CEO and will go nan company’s executive president by nan year’s end.

The institution is replacing Ek pinch 2 co-CEOs chosen successful house: Gustav Söderström, co-president, and main merchandise and exertion officer; and Alex Norström, co-president and main business officer.

“Over nan past fewer years, I’ve turned complete a ample portion of nan day-to-day guidance and strategical guidance of Spotify to Alex and Gustav–who person shaped nan institution from our earliest days and are now much than fresh to guideline our adjacent phase,” Ek said successful a statement. “This alteration simply matches titles to really we already operate. In my domiciled arsenic Executive Chairman, I will attraction connected nan agelong arc of nan institution and support nan Board and our co-CEOs profoundly connected done my engagement.”

In a station connected X, Ek besides mentioned that Spotify has been profitable for complete a year.

Ek has served arsenic Spotify’s CEO since he founded it successful 2006, truthful this is simply a large alteration successful activity for nan streaming giant.

Ek successful 2018 besides co-founded a assemblage scanning wellness startup called Neko, which raised $260 cardinal successful Series B backing astatine a $1.8 cardinal post-money valuation earlier this year. He besides runs an finance institution called Prima Materia, which he founded successful 2021 alongside Spotify investor Shakil Khan.

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