LONDON (AP) — 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 premarket trading. As executive chairman, Ek said he will focus on Spotify’s “long arc.”In an online question and answer session following the announcement, Ek said his new role would not be a ceremonial one that investors with a “U.S. In Europe, an executive chairman is typically “quite active in the business,” and acts as a representative to “certain stakeholders” such as governments, he said. Spotify now has more than 700 million subscribers and a library of more than 100 million songs, 7 million podcast titles and 350,000 audiobooks. Spotify shares, which have doubled in the past year, fell more than 3% in premarket trading after the announcement.