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Tidal loses third CEO in two years

Jay Z's music service has lost another CEO, Jefferey Toig.

Artists like Beyonce and Rihanna rallied behind Tidal.
Screenshot/Claudia Cruz

The music-streaming service Tidal is saying goodbye to yet another CEO.

Jefffrey Toig, who became CEO in December 2015, is leaving the company. This would make him the third CEO to leave Tidal in two years, following the departure of Andy Chen and Peter Tonstad, according to Billboard.

In a statement to CNET, Tidal said that it will announce a new CEO in the coming weeks. "We wish former CEO, Jeffrey Toig, all the best in his future endeavors."

Tidal was originally launched by the Norwegian tech company Aspiro and attracted attention after being acquired and rebranded by mega rap star Jay-Z in early 2015. With rivals including Spotify and Apple Music, Tidal set itself apart by offering Hi-Fi lossless streaming audio and signing high-profile exclusivity deals with artists like Beyonce, Kanye West and Rihanna.

But despite the big names backing it up, Tidal's monetary growth hasn't been as hot as its hype. In addition to exiting CEOs, US carrier Sprint bought 33 percent of Tidal's service in January.