Spotify founder Daniel Ek is set to step down as chief executive after leading the music streaming giant for nearly two decades.
As per multiple reports, at the end of the year, two of his deputies Gustav Söderström and Alex Norström will take over the charge while he will stay involved in the company as executive chairman.
Spotify was started in 2006 in Sweden to reduce piracy by creating a platform were artists and right holders could be paid through ads and subscriptions.
The platform now continues to stand out as one of Europe's leading tech firms with more than 700 million monthly users.
Announcing the decision, Daniel said the change "simply matches titles to how we already operate".
He further assured that he will still play a key role in important decisions.
Daniel became a billionaire worth about $10 billion through Spotify's growth.
He has also invested some of his wealth in a European venture capital firms that supports companies like Helsing, which builds AI-powered weapons system in Germany.
Gustav and Alex worked at the company for over 15 years with Gustav is in charge of products and technology while Alex oversees the business side of the company.
