Spotify's Ek to Executive Chairman; Names Co-CEOs

Effective January 1, 2026, Spotify founder and CEO Daniel Ek will transition to the role of Executive Chairman. In a strategic move intended to enhance profitability and bolster its competitive position against rivals such as YouTube Music, Apple Music, and Amazon Music, current co-presidents Alex Norström and Gustav Söderström will assume the positions of co-CEOs. According to Forbes, this leadership transition has been planned for several years. Ek promoted Norström and Söderström to their current co-president roles in 2023 to broaden their leadership experience. Norström's expertise lies in business, marketing, and content, while Söderström brings an engineering background with a focus on technology and product development. Spotify board member Woody Marshall has expressed strong confidence in the new leadership structure. Ek, 42, characterized his move as shifting "from a player to a coach." As Executive Chairman, he will relinquish day-to-day operational responsibilities to concentrate on long-term strategy, capital allocation, and critical investments. Ek emphasized that his involvement will be more significant than that of a typical U.S. chairman. Reuters reports that Spotify currently leads the market with nearly 700 million monthly users, achieving its first annual profit in 2024. Following the announcement, Spotify's U.S. shares experienced a decline of approximately 5%, despite having gained 63% earlier in the year.