Spotify Announces a Change at the Top

Spotify's Daniel Ek is stepping aside as CEO after nearly 20 years, though he still plans to have a say in company business, reports the Wall Street Journal. The 42-year-old billionaire will become Spotify's executive chairman, weighing in on big-picture planning and capital moves. He will be replaced by co-presidents Alex Norstrom and Gustav Soderstrom, who will serve as co-CEOs. The change takes effect January 1.

"I'm not leaving," said Ek in a note to employees. "I'll remain deeply involved in the big, defining decisions about our future." Ek leaves his role in a company he co-founded in a makeshift Stockholm office in 2006 that upended the music industry by offering most of the world's music for a monthly fee or free with ads. Spotify, which has podcasters including Joe Rogan, now has about 700 million users. For the first time, it reported a full-year profit in 2024—though it slipped into the red again in Q2 this year. Forbes pegs the net worth of college dropout Ek at $10.3 billion.

Rolling Stone notes that Spotify has long been embroiled in controversy, particularly over its royalty payout system that artists say is too meager. More recently, indie artists began dropping out because of Ek's financial ties to the military defense contractor Helsing.