Spotify co-founder Daniel Ek will step down as chief executive after 19 years, becoming executive chair in a leadership shake-up. The company said Alex Norström and Gustav Söderström, both longtime executives, will take over as co-CEOs from early next year. Ek, who launched Spotify in 2006, said he had already handed much of the day-to-day management to the pair, adding that the move “simply matches titles to how we already operate.” Shares fell more than 5% on the news, though the stock remains up nearly 60% this year. Ek, 42, will stay involved in strategy, capital allocation, and regulatory issues, while Norström and Söderström split oversight of content, subscriptions, and technology. Ek, who owns over 14% of Spotify, has also focused on investments through his firm Prima Materia, including a controversial €600mn stake in German defense group Helsing.
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