Spotify’s founder is leaving the job of chief executive and handing it over to two deputies.
Daniel Ek will give up day-to-day running of the music streaming giant to become executive chairman from January 1.
A raft of artists – including Massive Attack – have pulled their music catalogues from Spotify in protest against the founder’s investment in German military AI firm Helsing.
Gustav Soderstrom, co-president and chief product and technology officer, and Alex Norstrom, co-president and chief business officer, will become co-chief executives from next year.
They will still report to Ek after the shake-up.
Ek founded Spotify in 2008 and led its rapid expansion to become a service for more than 276 million subscribers across 184 markets.
Tuning out: Spotify founder Daniel Ek will give up day-to-day running of the company to become executive chairman from January 1
‘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,’ he said.
‘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.’
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.’
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
#Music #stops #Spotify #founder #Daniel #step #chief #exec #music #streaming #giant
