Jay Z’s music streaming service Tidal says interim CEO Peter Tonstad is no longer with the company.
This is second time a CEO has left Tidal this year. In April, Tidal affirmed that CEO Andy Chen would no longer be leading the company and that Tonstad would serve as an interim chief executive. Now, just three months later, Tonstad is out.
Jana Fleischman, head of communications for Jay Z’s entertainment company Roc Nation, confirmed Tonstad’s departure in a statement:
“We can confirm interim CEO Peter Tonstad is no longer with the company. We are thankful to Peter for stepping in as interim CEO and wish him the best for the future. 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.”
Before being promoted to interim CEO, Tonstad had served as CFO, CCO, and CEO at Aspiro, Tidal’s parent company.
Jay Z acquired Aspiro in January of this year and subsequently launched Tidal as a paid music streaming service to compete with Spotify, and now, Apple Music.