Spotify founder Ek to step down as CEO to focus on long-term strategy

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Spotify founder-CEO Daniel Ek will step down to become executive chairman in January, the Swedish streaming company said on Tuesday as it named longtime executives Gustav Soderstrom and Alex Norstrom as co-CEOs.

The leadership change comes as Spotify expands into podcasts and audiobooks amid questions over how it will balance growth and profitability. Its shares slipped about 2.5% in premarket trading after gaining 63% this year.

As executive chairman, Ek will focus on capital allocation and long-term strategy in what the company called a…



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Spotify founder Ek to step down as CEO to focus on long-term strategy


Spotify founder-CEO Daniel Ek will step down to become executive chairman in January, the Swedish streaming company said on Tuesday as it named longtime executives Gustav Soderstrom and Alex Norstrom as co-CEOs.

The leadership change comes as Spotify expands into podcasts and audiobooks amid questions over how it will balance growth and profitability. Its shares slipped about 2.5% in premarket trading after gaining 63% this year.

As executive chairman, Ek will focus on capital allocation and long-term strategy in what the company called a…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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