Spotify names Co-CEOs as founder Daniel Ek transitions to Executive Chairman role

Spotify announced on Tuesday that founder Daniel Ek will step down as chief executive officer at the start of 2026, transitioning to the role of executive chairman.

The move will mark the end of his formal tenure as CEO after nearly two decades leading the company.

Co-CEO model introduced

Beginning January 1, 2026, Gustav Söderström, currently co-president and chief product and technology officer, and Alex Norström, co-president and chief business officer, will assume the role of co-CEOs.

Both will report to Ek and are expected to join Spotify’s board of directors, subject to shareholder approval.

According to Spotify, the executive transition “formalises how Spotify has successfully operated since 2023 with the co-presidents largely leading strategic development and operational execution.”

The company noted that Ek’s new role would “more closely reflect a European chairman setup,” giving him responsibility for capital allocation, long-term strategy, and guidance to senior leaders.

“I always believed that Spotify could play an important role in revolutionising listening around the world, and with more than 700 million users, we’ve truly charted a new course, bringing creativity to every corner of the globe,” Ek said in a statement.

He added that much of the day-to-day management had already been delegated to Söderström and Norström in recent years, making the title change a reflection of existing practices.

Spotify's leadership transition

Woody Marshall, Spotify’s lead independent director, said the board had collaborated with Ek on the leadership evolution for years.

“We have tremendous confidence in Alex and Gustav as they step into these roles. They each have more than 15 years with the company and have been instrumental in driving our success and enabling Spotify to lead our industry,” Marshall said.

He emphasised that Ek would remain actively involved, providing strategic stewardship and mentorship.

The incoming co-CEOs said in a joint statement that they were committed to maintaining Spotify’s focus on “building the best and most valuable experience available anywhere.”

They stressed that their different perspectives would be an asset while highlighting their long history of working together.

Spotify’s evolution

Founded in 2006 in Stockholm, Spotify pioneered the music-streaming model, challenging Apple’s iTunes, where users purchased individual tracks.

The company has since expanded into podcasts and audiobooks, becoming a major player in global audio streaming.

In 2024, Spotify reported its first full-year profitability after years of prioritising investments in growth areas such as podcasting.

However, in the second quarter of 2025, the company returned to a loss despite continuing subscriber growth.

Its stock has nearly doubled in the past 12 months.

Outside of Spotify, Ek has pursued ventures including Neko Health, a preventive-healthcare technology company, and his investment firm Prima Materia, which recently backed German defence startup Helsing.