Spotify has announced that its co-founder and long-serving CEO, Daniel Ek, will step down from his position on January 1, 2026, after nearly two decades at the helm of the world’s largest music streaming platform. The move marks a major leadership shift for the company, which Ek has guided from a startup to a global tech powerhouse.

In his place, Gustav Söderström and Alex Norström will take over as co-CEOs, tasked with driving Spotify’s next chapter of growth. Following the announcement, Spotify shares dipped around 4% in early trading, reflecting investor caution over the transition.

Ek, however, is not leaving the company entirely. He will transition into the role of executive chairman, where he says he will focus on steering Spotify’s long-term strategy and providing support to its senior leadership team.

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