As it implements a new co-CEO structure in an effort to ward off competitors and strengthen its profit margin, Spotify announced on Tuesday that founder-CEO Daniel Ek will step down to become executive chairman in January.
As the company lays out its strategy to stay ahead of YouTube, Apple, and Amazon’s music offerings, billionaire Ek, who turned Spotify into one of the region’s rare global leaders in consumer technology, will take a break from day-to-day operations.
“Ek leaves the CEO role on a high note, with big boots to fill for the incoming CEOs,” Paolo Pescatore, an analyst at PP Foresight, stated. Spotify’s US stock was down roughly 5% after rising 63% so far this year.
