Spotify founder Daniel Ek to step back from CEO role to focus on platform’s ‘long arc’

Spotify founder-CEO Daniel Ek will step down to become executive chairman in January, the Swedish streaming company said on Tuesday as it adopts a new co-CEO structure in its strategy to fend off rivals and shore up its profit margin.

Billionaire Ek, who built Spotify into a rare global consumer technology leader from the region, will step back from day-to-day business as the company charts out its plan to keep ahead of music offering from YouTube, Apple and Amazon.