Daniel Ek is stepping down as Spotify CEO

Spotify founder and CEO Daniel Ek will be transitioning to the role of executive chairman on January 1 of next year. The current Co-President and Chief Product and Technology Officer Gustav Soderstrom and Co-President and Chief Business Officer Alex Norstrom will take his place as co-CEOs.

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. This change simply matches titles to how we already operate. In my role as Executive Chairman, I will focus on the long arc of the company and keep the Board and our co-CEOs deeply connected through my engagement," Ek said in a statement.

In a letter to Spotify employees, Ek also shared that he wants to help create more technology-driven "supercompanies" that "tackle some of the biggest challenges of our time."

As a recent example of Ek's other interests, this summer he led a $700 million investment round into the defense tech firm Helsing. The company sells AI-powered software that analyzes weapons and sensor data in battlefields to help with military decision-making. Last year Helsing started manufacturing a line of military drones. Ek has received pushback on this investment in the form of a number of smaller artists, as well as Massive Attack pulling their music catalogs from Spotify.

Daniel Ek founded Spotify in 2006 alongside Martin Lorentzon and oversaw the company's growth to almost 700 million monthly active listeners. It's been a busy year for the music streaming giant, which finally started offering lossless streaming after a multi-year wait.

The company also finds itself at a crossroads as more AI-generated music is making its way to the platform. The company recently made some policy changes to address AI, though this was only aimed at fraudulent and deceptive uses of the technology. Fully AI-generated songs and albums are still permitted.

This article originally appeared on Engadget at https://www.engadget.com/entertainment/streaming/daniel-ek-is-stepping-down-as-spotify-ceo-161519791.html?src=rss