Daniel Ek, founder and chief executive officer of Spotify, attends the Cannes Lions 2016 on June 22, 2016 in Cannes, France.
Spotify CEO Daniel Ek will step down from his position and move to the role of executive chairman, the company said Tuesday.
Spotify shares dipped around 4% following the announcement.
Ek, who co-founded the streaming platform in 2006, will be replaced by current co-presidents and longtime executives Gustav Söderström and Alex Norström as co-CEOs, the company said in a release. The transition will happen Jan. 1, 2026.
"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–who have shaped the company from our earliest days and are now more than ready to guide our next phase," Ek said in a release. "This change simply matches titles to how we already operate."