Spotify stock price falls as cofounder Daniel Ek announces plans to step down from CEO role in 2026

Core Insights - Spotify Technology SA announced that CEO Daniel Ek will step down at the end of the year, transitioning to the role of chairman of the board, while Gustav Söderström and Alex Norström will become co-CEOs [2][3][7] - The company's stock experienced a nearly 4% decline in premarket trading following the announcement, but has seen a 60% increase year-to-date, attributed to consistent user growth and a projected profitable year in 2024 [4][5] Company Transition - Daniel Ek, co-founder of Spotify, has been with the company since its inception in 2008, overseeing its growth to nearly 700 million users and 276 million subscribers across 180 markets [7] - The new co-CEOs expressed confidence in continuing to build on Spotify's momentum and enhancing user experience [7][8] Market Performance - Spotify's stock has shown resilience, with a 6% increase over the past month, despite the immediate reaction to the leadership change [4] - The company has recently expanded into the audiobook segment and introduced new features, indicating a focus on innovation and user engagement [7]