Third CEO Leaves Jay Z’s Tidal
Despite landing tons of huge exclusives and building up subscribers, Tidal has taken another loss on their corporate side. The streaming platform, which was bought by Jay Z back in 2015, is seeing another CEO leave the company after serving 18 months.
According to initial reports from Billboard, Jeff Toig decided to step down from his CEO position with Tidal in March after having worked for the streaming service since December 2015. He was the company's third CEO in two years, joining the leadership team after leaving Soundcloud. Tidal also issued a statement surrounding Toig's recent departure, but did not give word on where he would be moving to next.
“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," Tidal wrote in a statement.
Reports say Toig's departure comes at a crucial time for the company, as mobile phone service operator Sprint acquired a 33% stake in Tidal this past January which is worth a reported $200 million. Sprint's CEO Marcelo Claure, along with Jay Z and Desiree Perez, have been heavily involved in the management of Tidal as the company has gone through different leadership transition over the 18 months.
We'll see what's in store for the future of Tidal and what Hov's plans are for it, but for now, we wish Jeff Toig the best on his next move.
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