Spotify's Founder and CEO Daniel Ek Is Stepping Down

Spotify founder Daniel Ek will step down as CEO by year's end, transitioning to executive chairman after nearly two decades at the helm. In his place will be Gustav Soderstrom and Alex Norstrom as co-CEOs. TechCrunch reports: 'Over the last few years, I've turned over a large part of the day-to-day management and strategic direction of Spotify to Alex and Gustav -- who have shaped the company from our earliest days and are now more than ready to guide our next phase,' Ek said in a statement. 'This change simply matches titles to how we already operate. In my role as Executive Chairman, I will focus on the long arc of the company and keep the Board and our co-CEOs deeply connected through my engagement.'

In a post on X, Ek also mentioned that Spotify has been profitable for over a year. Ek has served as Spotify's CEO since he founded it in 2006, so this is a big change in leadership for the streaming giant.

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