Second CEO Resigns From Jay Z’s Tidal


Second CEO Resigns From Jay Z's Tidal

Second CEO Resigns From Jay Z's Tidal


( 4UMF NEWS ) Second CEO Resigns From Jay Z's Tidal:

Peter Tonstad, the CEO of music streaming service Tidal, has left the company.

The Wall Street Journal reports that Tonstad has stepped down from his position less than three months after he became Tidal's interim CEO.

Tidal's previous CEO, Andy Chen, left the company in April, and Tonstad became the interim CEO while the company searched for a permanent replacement.

But now Tonstad has been let go by the company, and Tidal says it will be run by executives in New York and Oslo while it searches for another CEO.

News of Tonstad's departure from Tidal was first reported in Norwegian newspaper Dagens Næringsliv. When the newspaper reached Tonstad for comment, he said that "the only thing I can confirm is that I have resigned."

Tonstad previously served as CEO of Aspiro, the parent company of Tidal, as well as streaming service WiMP.

Rapper Jay Z acquired Aspiro in March after the company's board accepted a $56 million takeover offer. He rolled the company's streaming services into one, putting Tidal CEO Andy Chen in charge.

Tidal said in a statement to The Wall Street Journal that "we are thankful to Peter for stepping in as interim CEO and wish him the best for the future."

There have been numerous reports of staff departures at Tidal following its acquisition and relaunch. Swedish news site Breakit reports that around 25 employees were "forced to leave" the company.