Spotify’s Daniel Ek has helmed the streaming giant for nearly two decades. Photo by Drew Angerer/Getty Images
Why have one CEO when you can have two? That appears to be the philosophy embraced by Spotify as it joins a growing number of companies experimenting with joint leadership structures. Long led by founder Daniel Ek, Spotify announced today (Sep. 30) that longtime executives Gustav Söderström and Alex Norström will step in as co-CEOs starting next year.
Ek, who has been Spotify’s CEO since 2006, will step down to become executive chairman of the Stockholm-based streamer. The move will mirror a European-style chairman role, with Ek expected to take a more hands-on approach than his U.S. counterparts. He’ll focus on areas such as capital allocation, regulatory efforts and Spotify’s long-term strategy.
Despite the change in titles, Ek downplayed the shake-up. “This change simply matches how we already operate,” he said in a statement. Both Söderström and Norström, who have been with the company for more than a decade and currently serve as co-presidents, will continue to report to Ek in their new roles.
Alex Norström (L) and Gustav Söderström (R) will assume their new roles on Jan. 1, 2026. Courtesy Spotify
Over nearly 20 years at the helm, Ek has transformed Spotify into the world’s leading audio streaming subscription service. The company now boasts more than 696 million monthly active users and reported $4.85 billion in sales for the most recent quarter. His transition comes as Spotify looks to overhaul its struggling advertising business and double down on non-music content, from podcasts to videos and audiobooks.
Beyond Spotify, Ek has also cultivated a profile as a European tech investor. In 2020, he pledged $1 billion toward early-stage startups through his fund, Prima Materia. His investments include longevity company Epiterna, body-scanning startup Neko Health and Helsing, a venture developing A.I. hardware for military applications.
When are joint CEOs a good idea?
Spotify’s move follows a string of recent co-CEO appointments across corporate America and beyond. Netflix, for instance, has been jointly led by Ted Sarandos and Greg Peters since 2023, while Oracle adopted a similar structure earlier this month by naming Clay Magouyrk and Mike Silica as co-CEOs. Comcast, just yesterday (Sep. 29), announced longtime executive Mike Cavanagh would share the top job with Brian Roberts beginning in 2026.
Not all such arrangements succeed. Chipotle scrapped its co-CEO setup in 2016 amid concerns over spending and muddled messaging. SAP also abandoned the model during the onset of the Covid-19 pandemic in 2020, arguing the crisis required “strong, unambiguous steering.“
Still, when executed well, the benefits are clear. A 2022 Harvard Business Review study of 2,200 companies in the S&P 1200 and Russell 1000 found that 87 firms with dual-CEO structures delivered higher annual shareholder returns on average. The report cited complementary skills, shared responsibility and a united front as keys to success.
Söderström and Norström believe their long-standing partnership fits that formula. Söderström will oversee products and technology, while Norström focuses on business, markets and content. “If you can do it, obviously you get twice the brainpower,” Söderström told investors on a call today. “I really think it’s that simple.”
