Jay Z’s TIDAL is hiring. Jeff Toig, their third CEO in three years, has stepped down.
Jay Z’s music streaming service Tidal has confirmed the departure of Jeff Toig, its third chief executive in two years. “As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks,” the company said in a statement to Billboard. “We wish [Toig] all the best in his future endeavors.”
Toig took over as CEO in January 2016 and has worked to stabilize the company after its shaky launch nine months earlier. He replaced interim CEO Peter Tonstad, who took over for Tidal’s original exec Andy Chen.
Before running TIDAL, Toig was the Chief Business Officer at Soundcloud and the founder and senior vice-president of Muve Music, Cricket Wireless’ streaming service. No reason for his departure has been released.
The news comes just months after TIDAL sold a 33 percent stake of the company to Sprint for $200 million. The day before the sale, TIDAL was accused of inflating their subscriber numbers. Billboard reports that as of now, TIDAL has one million paid subscribers.