Spotify founder Daniel Ek has announced he will step down as chief executive by the end of this year. He will remain at the company as executive chairman, focusing on long-term strategy and major decisions.
The 42-year-old executive has led the music streaming platform since its launch in Sweden in 2006. His departure will mark the end of a 20-year era in which Spotify grew into one of Europe’s most successful tech firms. Today, the platform has more than 700 million monthly users worldwide.
Spotify confirmed that Ek’s two deputies, Gustav Söderström and Alex Norström, will take over as co-chief executives. Both have been with the company for more than 15 years and have held senior roles in product, technology, and business strategy.
In a letter to staff, Spotify founder Daniel Ek said he would remain “deeply involved” in the company’s direction. He explained that his new role will allow him to focus more on strategy, capital allocation, and regulatory issues, while his successors handle day-to-day operations.
Spotify has faced both growth and criticism over the years. It expanded from music into podcasts and audiobooks, but its payment model has often drawn complaints from artists. Recently, some musicians also protested Ek’s personal investments in a European defense technology company.
The company stated that Ek’s decision to step down was planned long before the controversy. It emphasized that the leadership change reflects how the business has been operating since 2023, when Ek began delegating more responsibilities to his deputies.
Shares of Spotify dropped by more than 4% in early trading following the news. Still, analysts note that the leadership shift is designed to maintain stability while allowing the firm to plan for its next decade of growth.
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