Spotify is entering a new era one with two leaders at the helm. In a move that’s rare in the world of big tech, founder Daniel Ek announced that he will step down as CEO and transition into the role of executive chairman. Taking over as co-CEOs will be the company’s current co-presidents, Gustav Söderström and Alex Norström, starting in 2026. While splitting the chief executive role remains unconventional, Spotify is not alone. In fact, Netflix a tech and entertainment behemoth has already walked this path. Since 2023, Greg Peters and Ted Sarandos have successfully led Netflix as co-CEOs, taking over from cofounder Reed Hastings. Their experience may serve as a roadmap for Spotify’s incoming leaders.
In an episode of the podcast “Aspire,” Sarandos acknowledged that the co-CEO model isn’t for everyone, but emphasized how well it aligns with the specific demands of a business like Netflix. One of the key advantages of shared leadership, he said, is the ability to be in two places at once both literally and figuratively. Peters echoed this sentiment in an earlier interview with The Verge, pointing out that for the model to work, both executives must genuinely believe in the arrangement. It's not about compromise or navigating around limitations. It’s about embracing the model as a strength and fully committing to collaboration.
So how do major decisions happen when there's no single ultimate authority? According to Sarandos, mutual respect is foundational. The two leaders defer to each other based on areas of expertise and deep passion. Early on, they confronted the issue of disagreement by asking a simple yet powerful question: “What are the things that you know more about and care more about than I do?” From there, they built a system of trust and complementary decision-making. Sarandos, for example, oversees content, marketing, communications, and legal matters. Peters, on the other hand, leads product development, technology, finance, advertising, and gaming. While each has his own domain, they present a unified front when it comes to big-picture strategies like content direction and overall growth. Peters explained that they maintain constant communication and clarity, and when one speaks publicly, it’s as though both are speaking. This level of transparency ensures consistency at every level of the company.
When their dual leadership structure was first introduced, there were questions about how conflicts would be handled. Peters and Sarandos were open about the fact that disagreements happen they argue, debate, and ultimately work it out. Sarandos compared this dynamic to his previous relationship with Reed Hastings, noting that healthy conflict and challenge are signs of strong leadership, not dysfunction. What makes it work is their ability to recognize each other's strengths and defer respectfully when appropriate.
Both leaders also benefit from the presence of Reed Hastings, who, although no longer in charge, remains involved and available for guidance when needed. That mentorship layer adds a sense of stability, especially during major decisions or disputes. Despite skepticism from those who favor traditional top-down leadership, the results speak for themselves. In the second quarter of the year, Netflix recorded record-breaking revenue of $11.08 billion and 47% year-over-year earnings growth proof that dual leadership can drive performance when executed properly.
For Spotify, adopting a similar structure is a significant shift but one that appears carefully considered. Daniel Ek’s continued presence as executive chairman will likely mirror Hastings’ advisory role at Netflix, providing a safety net and strategic oversight while Söderström and Norström take on day-to-day responsibilities. The challenge ahead lies in defining their respective strengths, maintaining unified messaging, and earning stakeholder confidence in a nontraditional format. If they can replicate the clarity and trust that Sarandos and Peters have established, Spotify’s new chapter could thrive under two voices leading with one vision.
