Spotify’s founder, Swedish businessman Daniel Ek, announced he is stepping down as CEO to become chairman of the board. The company’s shares fell on Tuesday following the announcement.

The streaming giant stated that the executive role will be filled by co-CEOs who currently handle parts of the company. They will assume their new positions on January 1.

Ek mentioned that in his new role, he will focus on guiding Spotify’s long-term strategy and supporting its senior team.

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