Spotify co-founder, CEO Daniel Ek is stepping down. Here's what we know.

Two decades after founding the world's most popular streaming service, Spotify founder and CEO Daniel Ek is stepping down.

Ek announced on Tuesday, Sept. 30 that he is stepping down as CEO, transitioning into a role as executive chairman, effective Jan. 1, 2026. Co-Presidents Gustav Söderström and Alex Norström will take over as co-CEOS, reporting directly to Ek, according to a Spotify news release.

In his letter, Ek said little will change for Spotify staff.

"What changes is my time and focus," Ek wrote. "As executive chairman, I will spend more of my time on the long arc: Strategy, capital allocation, regulatory efforts and the calls that will shape the next decade for Spotify."

The new leadership style that Ek, Söderström and Norström will hold is of a European chairman setup, Ek explained in a letter sent to Spotify staff. In this two-tiered organization, an executive chairman is to oversee the CEO's work for greater accountability. Rather than a U.S. setup, where an executive chairman is more of a ceremonial role, Ek will continue to be involved in Spotify's business practices, he said during a livestream on Sept. 30. Ek compared his transition to that of a sports player to coach.