Spotify said founder Daniel Ek will step down as CEO and become executive chairman by the end of the year.

The company will appoint two in-house co-CEOs: Gustav Söderström, currently co-president and chief product and technology officer, and Alex Norström, co-president and chief business officer.

Ek said the move formalizes the current management structure, with Söderström and Norström already handling much of the day-to-day operations.

Ek has led Spotify since founding the music-streaming company in 2006.

He will focus on long-term company strategy and keep the board deeply engaged in his new role.

Ek also noted on social media that Spotify has been profitable for over a year.

🔗 Source: TechCrunch

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