Spotify founder Daniel Ek has announced he will be stepping down as Chief Executive Officer on 1 January 2026. He will transition to the role of Executive Chairman, where he will focus on capital allocation, long-term strategy, and providing guidance to the senior team.
The move elevates current co-Presidents, Alex Norström and Gustav Söderström, to the position of co-CEOs. Both are long-serving executives, having been with the company for over fifteen years. This change formalises an operational structure that has been in place since 2023. In a statement, Ek said the change aligns job titles with the “existing operational reality,” expressing his belief in Spotify’s ongoing impact. Norström and Söderström will also join the company’s Board of Directors, pending shareholder approval.
Woody Marshall, the Lead Independent Director of Spotify’s Board, expressed the Board’s full confidence in the planned transition, highlighting the incoming co-CEOs’ “long tenure and contributions to the company’s success.”
In a joint statement, Norström and Söderström emphasised their long working relationship and their “continued focus on building the best user experience.”
Following the announcement, Spotify’s shares saw a 4% decline. This dip coincided with a decision by Goldman Sachs to downgrade the company’s stock from ‘Buy’ to ‘Neutral’. Despite the downgrade, the investment bank’s analysts still project solid growth opportunities for Spotify, forecasting mid-teens percentage revenue growth over the next three to four years. This anticipated growth is expected to be driven by price increases, new pricing tiers, user growth, and increased advertising revenue. However, Goldman Sachs believes that much of this expected growth is already factored into the current share price.
Spotify currently boasts over 700 million users, including 276 million subscribers across 184 markets. The platform offers over 100 million tracks, nearly 7 million podcasts, and 350,000 audiobooks. An investor question and answer session to discuss the leadership transition was scheduled for 30 September at 8:30 am EST.