Spotify founder Ek to step down as CEO to focus on long-term strategy

Spotify founder-CEO Daniel Ek will step down to become executive chairman in January, the Swedish streaming company said on Tuesday as it named longtime executives Gustav Soderstrom and Alex Norstrom as co-CEOs.

The leadership change comes as Spotify expands into podcasts and audiobooks amid questions over how it will balance growth and profitability. Its shares slipped about 2.5% in premarket trading after gaining 63% this year.

As executive chairman, Ek will focus on capital allocation and long-term strategy in what the company called a…