Spotify CEO Ek Becomes Chairman as Co-Founder Steps Down

Lorentzon stays at the Swedish music startup as vice chairman
CEO Ek will take on chairman role in addition to CEO duties

Daniel Ek.
Photographer: Akio Kon/Bloomberg

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By Nate Lanxon

October 14, 2016 at 7:34 AM UTC

Updated on

October 14, 2016 at 5:40 PM UTC

This article is for subscribers only.

Spotify co-founder and Chief Executive Officer Daniel Ek is consolidating power over the world’s largest music streaming service, taking on the role of chairman ahead of a planned initial public offering as soon as next year.

Martin Lorentzon, a co-founder of Spotify, is stepping down from his role as chairman after 10 years, a Spotify spokeswoman said in an e-mail. Lorentzon will become vice chairman, he said Thursday on his Twitter feed.