Martin Lorentzon steps down as chairman of Spotify

Martin Lorentzon, founder of Spotify, has stepped down as chairman of the board of Spotify. The CEO and co-founder of Spotify, Daniel Ek, has taken over the position.

Martin Lorentzon, co-founder of Spotify, is no longer chairman of the Spotify board, according to companies registers in Sweden and Luxembourg. He stays on the board as a member.

Martin Lorentzon’s co founder Daniel Ek, currently the CEO of the company, is now also acting as chairman.

According to Affärsvärlden’s sources US owners are said to be behind the decision. However, the company’s press office denies that the owners had anything to do with the fact that he stepped down as chairman.

The change is one among many things Spotify has done, in preparation of an eventual public offering. Last summer, the company hired a head of IR, Paul Vogel, previously an analyst with Morgan Stanley. Spotify is also cutting down its finance department in Stockholm, moving it to the USA.

Spotify’s turnover last year was 1.9 billion euro and the loss 184.5 million euros.

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