SPOTIFY CHAIRMAN MARTIN LORENTZON STEPS DOWN (UPDATE)

With an IPO expected next year, Martin Lorentzon, who co-founded Spotify with CEO Daniel Ek 10 years ago, announced on Thursday (10/13) that he's stepping down from his position as Chairman.

Ek will take the role of Chairman & CEO.

"I’m looking forward to another 10 years at Spotify as Vice Chairman… walking and talking with Daniel daily," the exec said on Twitter.

This is the third key departure for the music streaming service in the last month, following the exit of Spotify’s Chief Revenue Officer Jeff Levick and global sales exec Jonathan Forster.

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SPOTIFY CHAIRMAN MARTIN LORENTZON STEPS DOWN (UPDATE)

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