It’s the end of an era at Spotify as Daniel Ek – who led the streaming revolution over the last two decades – has stepped down from his CEO role.
The streaming giant has announced that Ek will transition to the role of executive chairman, effective January 1, 2026.
Stockholm-based Spotify was founded in early 2006 by Ek and Martin Lorentzon. It is now the market-leading streaming platform with 276 million subscribers and has recently concluded a series of big licensing deals with major labels and publishers.
The company also announced that Gustav Söderström, co-president and chief product and technology officer, and Alex Norström, co-president and chief business officer, will be promoted to become co-CEOs. They will report to Daniel Ek and will also serve on the company’s board of directors, subject to shareholder approval.
Ek promoted Norström and Söderström to the roles of co-presidents in 2023, and the leadership handover has been planned for some time.
“This evolution formalises how Spotify has successfully operated since 2023 with the co-presidents largely leading strategic development and operational execution of Spotify,” said a statement.
“I’ve spent 20 years, nearly my entire adult life, as Spotify’s CEO,” Ek told Forbes. “I’m ready to go from a player to a coach.”
In partnership with labels and publishers, Spotify has led the way in transforming the music industry's fortunes in the past 15 years. The streaming giant paid out a record $10 billion to the music industry in 2024 – the single largest contribution.
As executive chairman, Ek’s role will more closely reflect a European chairman set-up, where he will determine capital allocation, map the long-term future of Spotify and continue to provide support and guidance to its senior team.
I will focus on the long arc of the company and keep the board and our co-CEOs deeply connected through my engagement
Daniel Ek
“I always believed that Spotify could play an important role in revolutionising listening around the world, and with more than 700 million users, we’ve truly charted a new course bringing creativity to every corner of the globe,” said Daniel Ek. “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.
“This change simply matches titles to how we already operate. In my role 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.”
Alex Norström's gave a media interview to the FT last month where he spoke about the prospect of further price rises, increasing market share and the ambition for a billion subscribers.
“Over a quarter of a billion subscribers are currently paying us every month and just using us more and more,” he said. “Are we for a billion?... I definitely think it’s not impossible at all. It’s certainly a goal.”
Woody Marshall, lead independent director of Spotify’s board, said: “The board has been working closely with Daniel on the evolution of Spotify’s leadership structure for several years. We have tremendous confidence in Alex and Gustav as they step into these roles. They each have more than 15 years with the company and have been instrumental in driving our success and enabling Spotify to lead our industry. We are also thrilled that Daniel will be actively involved, giving Spotify both founder-led strategic stewardship and mentorship to the co-CEOs as the company continues to innovate and scale.”
The new co-CEOs said in a joint statement: “We’ve worked together a very long time and have seen Spotify through many different chapters. 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.”
Daniel Ek's message to Spotify staff is below:
Team,
In the Spotify of today, all eyes (and ears) are on us. There’s not much we do that goes unnoticed. But that wasn’t always the case. In a small makeshift office in Riddargatan, Stockholm, a few of us set out to solve what felt like an impossible idea: to make every song available instantly, legally, in a product people love. Fast forward almost 20 years later and that “impossible idea” has become a platform that is used by almost three-quarters of a billion people around the globe. We’ve helped reshape an industry that is not only growing again, but reaching new heights.
I don’t often pause to reflect because looking ahead has always been my instinct. But I’m incredibly proud of what we’ve created together—a beloved user experience, a business that thrives, and a team that continues to raise the bar. A huge amount of credit goes to Alex and Gustav, who have led with skill, vision and conviction. They have proven themselves again and again, and I believe they are ready for what’s next.
So, with full confidence in Gustav and Alex, on January 1, 2026, I will move to Executive Chairman, and Gustav and Alex will become our co-CEOs and they will also join our Board of Directors (with approval from shareholders).
I have always thought about roles as missions. At Spotify, I have had about nine missions while keeping the same title. In the early days, I assembled furniture and negotiated our first deals. I ran finance, I led product and then I led sales and then marketing. I have held roles and done jobs across most teams here. This is simply my next mission. My title changes—but my commitment and belief in what we’re building does not.
For most of you, very little will change. Spotify has a strong leadership team in place and a solid plan we are executing against. That’s not changing. What changes is my time and focus. As Executive Chairman, I will spend more of my time on the long arc: strategy, capital allocation, regulatory efforts and the calls that will shape the next decade for Spotify. Gustav and Alex will continue to report to me and we will work closely together with our Board of Directors. This approach reflects a European Chairman setup, which is quite different from a traditional U.S. one that many of you might be familiar with. This also means I will be more hands on than some of my U.S. peers who have a Chairman title.
Why now? Because Alex and Gustav have clearly demonstrated that, with the support of this remarkable team, they are ready to lead Spotify as co-CEOs. And because you all have stepped up, I can confidently step back from the day-to-day. Together, we’ve shown the world that Spotify is not only a great product but also a great business—delivering our first full year of profitability in company history. We couldn’t be better positioned. And to be clear, I’m not leaving. I’ll remain deeply involved in the big, defining decisions about our future, partnering with Gustav and Alex as they lead the way forward.
A personal note on what’s next for me. I am often asked, “How do we build more Spotifys out of Europe?” That’s why several years ago, I announced my intention to help create more of these supercompanies—companies that are developing new technologies to tackle some of the biggest challenges of our time. I’ll share more about how I’ll put some of my builder energy there. But today is about Spotify.
Thank you for two extraordinary decades. Thank you for your belief in making impossible ideas possible, and for allowing me the greatest privilege of a lifetime. Let’s keep going—harder, better, faster, stronger.
– Daniel
FOLLOW 
