Spotify founder steps down to focus on long-term strategy
Spotify founder and CEO Daniel Ek will resign as CEO in January and take up the position of executive chairman, the Swedish streaming company reported on Tuesday. At the same time, long-time top executives Gustav Söderström and Alex Norström have been appointed co-CEOs.
Söderström was previously chief product & technology officer and was responsible for global product development and technology strategy. Norström, chief business officer, managed the subscribers, advertising, music, podcasts and audiobook business.
The leadership change comes at a time when Spotify is expanding into podcasts and audiobooks, and there are questions about how the company will be able to balance growth and profitability.
As executive chairman, Ek will focus on capital allocation and long-term strategic decisions, in what the company describes as a “European style” of chairmanship. Ek has been a member of the board of directors since 2008.
Spotify leads the streaming market with 700 million monthly users and more than 100 million songs, well ahead of Apple Music with around 90 million subscribers. But the company is under pressure as artists demand higher fees.
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