Jay Z's Tidal Loses Second CEO In Three Months

News & Views | Gerren Keith Gaynor | 06/23/2015 | 04:00 PM EDT

Music streaming service shuffles top position yet again

Could there be trouble in paradise over at Jay Z’s recently required Tidal music streaming company? That’s a question surely to be raised after Tidal announced that it has lost its second CEO in just three months.

The company announced on Tuesday that interim CEO Peter Tonstad was “no longer with the company,” according The Guardian. Tonstad assumed the position after Tidal axed previous head honcho Andy Chen just weeks after Jay Z purchased Aspiro, the Swedish company behind the technology, and launched the rebranded service to the world.


“We are thankful to Peter for stepping in as interim CEO and wish him the best for the future,” a company spokeswoman said. “Tidal will be transitioning to a permanent CEO as part of our strategic plan to create a leading platform, and current executives in New York and Oslo will continue to lead our rapidly developing innovation and content initiatives until our new CEO is in place.”

Jay Z, real name Sean Carter, used his fame and connections to bring Tidal to immediate international appeal. He also utilized the help of his superstar wife, Beyonce, as well as other music stars like Madonna, Kanye West and RIhanna--all of whom are shareholders in the company.

Reports of Tidal’s slow start in subscribers and sales caused the company to be heavily scrutinized. Jay Z, who says his company is better than its rivals because it gives artists more of a stake, says the service signed up to 770,000 subscribers.

(Photo: Justin Lane/EPA/Landov)

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