""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," Ek said in a news release. Ek continued, "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.""
""Sharing the top position at a major company is still a relatively uncommon practice. But more corporations are testing the arrangement. This week, Comcast announced a second CEO, Mike Cavanaugh, will be stepping in come January to share the role with Brian Roberts. Oracle recently made a similar announcement. (Despite that back in 2020, Oracle had actually pivoted away from a co-CEO model. Salesforce and SAP similarly ditched co-CEO setups.) Meanwhile, Netflix has been led by two CEOs for more than five years, the current partnership being Ted Sarandos and Greg Peters.""
Daniel Ek will step down as Spotify CEO after nearly two decades and transition to executive chairman. Gustav Söderström and Alex Norström will share the CEO role as co-CEOs. Ek has already delegated much of day-to-day management and strategic direction to the two executives and will concentrate on long-term strategy and Board connection. Co-CEO arrangements are relatively uncommon but are being tested by several corporations, including Comcast, Oracle and Netflix. CEO selection remains high-stakes as CEOs increasingly embody corporate brand and strategic accountability. Research on co-CEO effectiveness remains limited.
Read at Fast Company
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