Here's your Forbes Daily Briefing for Wednesday, October 1st.

Today on Forbes, why Spotify CEO Daniel Eck is stepping down after nearly two decades.

Daniel Eck is stepping down a CEO of Spotify, the streaming company he co-founded in 2006, and moving to executive chairman. In his place,

Spotify's current presidents Alex Nordstrom and Gustav Sertstrom will be elevated to co-CEOs.

The transition will take place on January 1st, 2026. The 42-year-old X says, quote, I've spent 20 years nearly my entire adult life as Spotify's

CEO. I'm ready to go from a player to a coach. Spotify has been quietly working on the transition

for years. In 2023, Eck promoted Nordstrom and Sertrstrom to the roles of co-presidents to expand their power

and provide them with more leadership experience.

Nordstrom and Sertrstrom each worked at several startups before joining Spotify more than a decade ago.

Nordstrom has historically handled business, marketing, and content.

Sertrstrom, a trained engineer, has focused on the technology and product side of the streamer.

Eck, meanwhile, will assume the new role of executive chairman and says he'll work on long-term

strategy and key investments.

Eck is leaving Spotify's CEO role on a high note.

Over the last year, Spotify shares have surged 100%,

compared to the S&P 500's 16% gain.

Its market cap tops $150 billion,

with the stock hovering around its all-time peak.

As shares climb, so does Eck's personal fortune.

Forbes estimates that Eck, a college dropout from the rough Stockholm neighborhood of Rogved,

now has a net worth of $10.3 billion.

Today, Spotify offers around 100 million songs to nearly 700 million active users,

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