Pakistan, Oct. 2 -- Spotify founder and CEO Daniel Ek will step down in January to take on the role of executive chairman, the Swedish streaming giant announced on Tuesday. Longtime executives Gustav Soderstrom and Alex Norstrom will assume joint leadership as co-CEOs.

The transition comes as Spotify continues its push into podcasts and audiobooks, raising questions about how it will balance aggressive growth with profitability. Shares fell 2.5% in premarket trading following the announcement, though they remain up 63% for the year.

As executive chairman, Ek said he will focus on long-term strategy and capital allocation, describing the role as a "European-style chairman position." He emphasized he will remain closely involved: "I will ...