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Why is Spotify's CEO stepping down?

Asked 2 hours ago

Answer

Spotify CEO Daniel Ek is stepping down to focus on long-term strategy and capital allocation as executive chairman, amid rising competition and profit margin pressures.

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Reuters

Spotify founder Ek steps down as CEO to focus on strategy

Reuters · Just In
Reuters
Reuters
Just In
  • Daniel Ek will step down as Spotify CEO and become executive chairman.
  • Gustav Söderström and Alex Nordström will serve as co-CEOs, reporting to Ek. 28s
  • Spotify remains the market leader with nearly 700 million monthly users. 39s
  • The company faces growing competition and pressure on profit margins. 47s
  • Spotify reported its first annual profit in 2024 after price increases and cost cuts. 1m 1s
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References

Spotify founder Ek steps down as CEO to focus on strategy
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Reuters
4 hours ago
Spotify founder Ek steps down as CEO to focus on strategy

Daniel Ek is stepping down as CEO as the company reshapes its leadership to fend off rivals and shore up profits.

Spotify founder Ek steps down as CEO to focus on strategy
Icon
Reuters
4 hours ago
Spotify founder Ek steps down as CEO to focus on strategy

Ek will become executive chairman in January to focus on long-term strategy and capital allocation.

Spotify founder Ek steps down as CEO to focus on strategy
Icon
Reuters
4 hours ago
Spotify founder Ek steps down as CEO to focus on strategy

Competition is increasing from Apple Music, YouTube Music, and Amazon Prime, while profit margin pressures persist.

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