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Tech billionaire Sean Parker has stepped down from Spotify's board as the company prepares to IPO

Tech billionaire Sean Parker has stepped down from Spotify's board as the company prepares to IPO


22 Jun 2017, 13:40

sean parkerNapster founder Sean Parker. AP Photo/Paul Sakuma
Tech billionaire Sean Parker has stepped down from Spotify's board of directors,according to Swedish tech site Breakit.se.
Parker cofounded file-sharing service Napster when he was 19 years old and he served as the first president of Facebook. He has a net worth of $2.6 billion (£2 billion), according to Forbes.
Breakit.se claims to have obtained documents from The Luxembourg Trade and Companies Register that contain the full details of Spotify's new board of directors.
Music Business Worldwide also obtained the document and posted a screenshot of the Spotify board as it stands. 
Spotify boardMusic Business Worldwide
Parker and Klaus Hommels, founder and CEO at venture capital firm Lakestar, are out, while Cristina Stenbeck, major shareholder and ex-chairman of the board for Swedish investment firm Kinnevik, is in, according to Breakit.se.
Parker has been on the Spotify board for seven years. He joined the board in 2010 after investing $15 million (£12 million) in exchange for 5% of the company,according to MBW. 
Spotify is currently preparing to go publicon the New York Stock Exchange this year.
It beefed up its board with four new directors in May, according to The Financial Times. Ex-Walt Disney COO Tom Staggs, YouTube's former head of product Shishir Mehrotra, and NextEV's US boss Padmasree Warrior were all appointed to the board, as was Stenbeck, the FT reported.
Earlier this year, Spotify raised $1 billion (£700 million) in debt, The Wall Street journal reported. Investors valued Spotify at $8 billion (£6.3 billion) at the time,according to Bloomberg, but recent reports suggest it could now be worth as much as $13 billion (£11 billion). 
Spotify declined to comment.

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