Spotify's Daniel Ek Steps Down, Names Co-Presidents
Spotify's CEO Daniel Ek is stepping down from his role, effective January 1, 2026. In a surprising move, Ek, who has led the company to unprecedented success, is ready to pass the baton to co-presidents Alex Norström and Gustaf Sjöström. Ek, whose personal wealth is estimated at $10.3 billion by Forbes, will continue to support the leadership team as executive chairman.
Ek, who has been at the helm since Spotify's inception, believes it's time for the new generation to take over. He quoted, 'I'm ready to move from player to coach. [...] I feel like it's their time now, and I don't want to hold them back. They're more than capable and more than ready to take this on. And in many ways, they, as a duo, are much better suited to lead this company than I ever was.'
The transition comes at a time when Spotify's stock has surged by 100% in a year, and its market capitalization has exceeded $150 billion. Norström and Sjöström, both with over fifteen years at Spotify, will report to Ek and join the board of directors, pending shareholder approval. Woody Marshall, Spotify's lead independent director, expressed confidence in the new co-CEOs, stating that the board has been preparing for this transition for some time.
With Ek's move to executive chairman, he will oversee capital allocation and determine Spotify's long-term future. Operational management will fully transition to Norström and Sjöström, who are expected to lead the company into its next phase of growth and innovation. Shareholders will vote on the appointments, marking a significant change in Spotify's leadership.
