Spotify co-founder Daniel Ek will step down as CEO on January 1 and become executive chairman, handing the reins to two of his deputies in a leadership shake-up, the music streaming giant said Tuesday.

Spotify said Gustav Soderstrom, its chief product and technology officer, and chief business officer Alex Norstrom would take over as co-CEOs.

“This change simply matches titles to how we already operate,” Ek said.

“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,” he said.

The change would come into effect on January 1, 2026.

Ek co-founded Spotify with Martin Lorentzon in 2006.

The company, which made its debut on the New York Stock Exchange in 2018, now has a market capitalisation of $149 billio

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