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00:03Spotify CEO Daniel Ek will step down after nearly 20 years, according to Bloomberg.
00:07The co-founder will hand leadership over to Gustav Söderström and Alex Nordstrom,
00:12who will become co-CEOs effective January 1st.
00:15Ek will remain involved in major decisions and continue to work closely with the new leaders
00:20in the board. Söderström, who joined Spotify in 2009, has led product and technology strategy.
00:26Nordstrom, who joined in 2011, has overseen subscriptions, advertising, and content.
00:32The transition comes as Spotify faces industry challenges, including slower streaming growth,
00:38rising competition from AI-generated music, and efforts to convert free users into paid subscribers.
00:43Shares fell 4% Tuesday morning following the announcement,
00:46though the stock remains up 62% this year.
00:49For all things money, visit Benzinga.com.
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