Spotify (SPOT) investor relations material

Leadership transition and executive structure

• Daniel Ek will become Executive Chairman in January 2026, transitioning from CEO, with a more active role than a typical U.S. chairman, focusing on long-term strategy, capital allocation, and coaching the leadership team.

• Gustav Söderström and Alex Norström, both co-Presidents, will be appointed as Co-CEOs and join the board, pending shareholder approval, formalizing a structure in place since 2023.

• The Co-CEO structure reflects the operational reality, with both sharing leadership and responsibilities since 2023.

• The board will remain focused on competence and business understanding, with three insiders out of eleven members.

• A live Q&A session regarding the transition is scheduled for September 30, 2025.

Strategic vision, priorities, and growth opportunities

• Growth remains the top priority, focusing on expanding in populous regions like Asia and Africa and increasing the subscriber base beyond the current 3% of the global population.

• Continued innovation in product, technology, and content verticals (music, podcasts, audiobooks, and video) is central to the strategy.

• AI and new form factors are seen as major macro opportunities, with the aim to turn these into tailwinds for the business.

• The leadership team is committed to relentless product improvement and delivering more value to users.

• Ek emphasizes the company's global impact and his ongoing commitment to long-term vision and mentorship.

Operational approach and leadership continuity

• The Co-CEOs will maintain their current divisional responsibilities: Norström on business, markets, and content; Söderström on product and technology.

• The leadership team operates as a single, integrated unit, emphasizing collaboration and complementary skills.

• The company is leveraging a highly tenured team and drawing on external inspiration to drive future growth.

• The transition is described as an evolution, not a disruption, with continuity in leadership style and strategic direction.

• The Board expresses strong confidence in the new co-CEOs, highlighting their 15+ years of experience and key roles in growth.