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Tidal Loses Its Third CEO In Two Years

Tidal Loses Its Third CEO In Two Years

Looking for a summer job? We hear there’s a vacancy at
Tidal.

The streaming service announced Friday that Jeff Toig
has stepped down as its chief executive officer,
marking the third time in just two years that the
company has lost a CEO. According to Billboard, Toig
officially left in March, which means he only held the
position for 14 months.

“As part of Tidal’s continued expansion this year we will
be announcing a new CEO in the coming weeks,” Tidal
officials wrote in a statement. “We wish former CEO,
Jeffrey Toig, all the best in his future endeavors.”

Toig was hired as CEO in early 2016, replacing interim
executive Peter Tonstad, who took over for Tidal’s
original CEO Andy Chen. He entered the company after
serving two years as SoundCloud’s chief business
officer. And prior to that, he was the founder and vice
president of Cricket Wireless’s music service Muve
Music, as well as a member of the Virgin Mobile USA
founding team.

Even under Toig’s leadership, Tidal struggled to keep up
with its competitors. According to Engadget, the
streaming service has around 1 million paid subscribers,
which is nowhere near Apple Music’s 20 million or
Spotify’s 30 million.

It’s unclear why Toig decided to leave the company, but
the timing of his departure is notable. As Billboard
points out, Toig left shortly after Sprint purchased a 33
percent stake in Tidal for a reported $200 million. The
companies have not revealed many details about the
partnership, but they did reveal Sprint customers would
have unlimited access to exclusive artist content.

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