Spotify founder Daniel Ek is stepping down as CEO of the music streaming behemoth and will become its executive chair.

Based in Stockholm, Sweden, Spotify said chief product and technology officer Gustav Söderström and chief business officer Alex Norström will become co-CEOs.

Currently co-presidents, the transition will take place at the beginning of 2026.

“This change simply matches titles to how we already operate,” said Ek, who said his new role will see him focus on Spotify’s “long arc” and remain fully involved in the business.

Spotify has more than 700 million subscribers and a library of more than 100m songs, 7m podcast titles and 350,000 audiobooks.