Sept. 30 (UPI) -- Spotify announced Tuesday its founder Daniel Ek will step down as CEO in order for the role to be co-filled by another executive of the streaming platform.
Current company co-President Gustav Soderstrom, who also sits as Spotify's chief product and tech officer, will take over as co-CEO with current co-CEO and Chief Business Officer Alex Nordstrom.
"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," Ek said in a letter.
Soderstrom and Norstrom both are expected to sit on the Sweden-based company's board of directors, pending shareholder approval, and will report to Ek, who said he will transition to the position of Spotify's executive chairman.
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