Jay Z’s struggling Tidal music streaming service is saying goodbye to its third CEO in two years.
The company reportedly parted way with top executive Jeff Toig, though no replacement has been named. Tidal has had a revolving door of CEOs during its troubled history. Toig took over the reigns of Tidal just 18 months ago.
According to Billboard, Toig left the company in March. Tidal confirmed that Toig is no longer with the company in a statement:
“As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks. We wish former CEO, Jeffrey Toig, all the best in his future endeavors.”
Before joining Tidal in 2015, created Muve Music, the first music service to be bundled with mobile data plans. He then went on to work at SoundCloud before being hired to run Jay’s Spotify competitor.
While Apple Music and Spotify have been racking up tens of millions of paid subscribers, Tidal has claimed it only has 3 million subscribers and that number might be inflated. Tidal’s not really sitting on death’s door though. In January, Sprint paid $200 million to acquire a 33% stake in Tidal.