Spotify founder Daniel Ek steps down from CEO role

Ek founded Stockholm-based music streaming company nearly two decades ago and will stay on as executive chair

Spotify said Tuesday that founder Daniel Ek is stepping down as CEO to become the executive chair.

The Stockholm-based streaming giant said Ek will be replaced by two lieutenants who will become co-CEOs: chief product and technology officer Gustav Söderström and chief business officer Alex Norström. The pair, who are also currently co-presidents, will transition into their new jobs on 1 January.