Spotify founder Daniel Ek steps down as CEO; Gustav Söderström and Alex Norström named co-CEOs

Daniel Ek, the billionaire entrepreneur who co-founded Spotify nearly two decades ago, is stepping down as chief executive of the music streaming giant. Beginning Jan. 1, 2026, Ek will transition to the role of executive chairman, the company said Tuesday, marking the end of an era for the Stockholm-based platform that helped redefine how people consume music.

Spotify’s co-presidents, Gustav Söderström and Alex Norström, will assume the role of co-chief executives. Both will continue to serve on the company’s board and report directly to Ek.

“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,” Ek said in a statement. “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.”

Spotify said Ek’s position would resemble a European-style chairman role, giving him oversight of capital allocation, long-term strategy and mentorship of senior leadership.

Woody Marshall, Spotify’s lead independent director, called the transition “a process in the works for several years.” He added, “We have tremendous confidence in Alex and Gustav as they step into these roles. They each have more than fifteen years with the company and have been instrumental in driving our success… We are also thrilled that Daniel will be actively involved, giving Spotify both founder-led strategic stewardship and mentorship to the co-CEOs.”

A Platform at Scale

Since its founding in 2006, Spotify has upended the music business, popularizing a freemium model that allowed users to stream millions of songs with or without ads. The service has since expanded into podcasts, audiobooks and video.

Spotify reported 276 million paid subscribers and 696 million monthly active users in the second quarter of 2025. Last year, it posted its first full year of profitability — a milestone for a company long scrutinized for its razor-thin margins.

India has become a vital growth engine. Since its entry into the market in 2019, Spotify has climbed into the country’s top five streaming services by user base, with an estimated 57 million monthly active users and 91 million unique visitors by December. Competition remains fierce, with YouTube Music, Apple Music, Amazon Music and JioSaavn all vying for listeners.

The New Leadership Team

Söderström, who joined Spotify in 2009, is also the company’s chief product and technology officer, responsible for global product, design, data and engineering. He previously worked at Yahoo.

Norström, who joined in 2011, serves as chief business officer, overseeing subscriber growth, advertising and Spotify’s music, podcast and audiobook operations.

In a joint statement, the two executives said: “Nearly three years ago, when we stepped into our role as co-Presidents, we charged our teams with relentlessly focusing on building the best and most valuable experience available anywhere and that ambition hasn’t changed. While we bring different experiences and perspectives to the CEO role, we both have a strong bias to action and can’t wait to get started knowing that we will have Daniel’s full partnership and ongoing support.”

The arrangement mirrors Netflix’s co-CEO structure, where Ted Sarandos and Greg Peters share responsibilities at the video-streaming company.

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