Spotify co-founder Daniel Ek said his role from CEO to executive chairman will be like a sports player transitioning to a team coach.

Spotify said Tuesday that founder Daniel Ek is stepping down as CEO to become the executive chairman, in an announcement that sent its shares sliding in Tuesday trading.

The leadership team also outlined key priorities going forward, including global expansion into Asia and Africa where Spotify still sees huge room for growth, along with investments in AI driven disc...