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

The Facebook billionaire's departure is part of a bigger Spotify board shuffle.

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.

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.

Spotify is currently preparing to go public on 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.

Spotify declined to comment.

The Facebook billionaire's departure is part of a bigger Spotify board shuffle. Read Full Story