On Tuesday, Spotify announced that its founder, Daniel Ek, will be stepping down from his role as CEO to take on the position of executive chair.

The streaming giant based in Stockholm revealed that Ek will be succeeded by two executives who will serve as co-CEOs. These two, currently recognized for their shared vision, will assume their new roles starting January 1st.

In a press release, Spotify explained that this transition “formalizes” the operational dynamics that have been in place since 2023, with Söderström and Norström leading the company’s strategic development and operational execution.

Ek mentioned that he has already “taken charge of a significant portion of daily management and strategic direction.”

“This change aligns our titles with our existing operational structure,” he noted. Ek further stated that he would focus on Spotify’s “Long Arc” in his capacity as executive chair.

During an online Q&A following the announcement, Ek clarified that his new role is not the ceremonial position that investors with a “US perspective” might expect.

In Europe, executive chairs typically take on “very active roles in business” and represent “specific stakeholders,” including government entities.

Ek emphasized that there are still growth opportunities ahead, pointing to “significant portions of the global market yet to embrace streaming,” spanning from Asia to Africa, as well as advancements in technologies like artificial intelligence.

“We are committed to pushing ourselves to move forward and maintaining focus on long-term goals,” he stated.

Since Ek founded Spotify nearly 20 years ago, the platform’s rise has fundamentally changed the music industry, ushering in the era of modern streaming. Currently, Spotify boasts a library of over 700 million subscribers, more than 100 million songs, 7 million podcast titles, and 350,000 audiobooks.