Interim CEO Peter Tonstad leaves Jay Z's Tidal streaming service
The interm CEO of Jay Z’s Tidal, Peter Tonstad, has left the company less than three months after taking up the roll.
The high fidelity music streaming service confirmed on Tuesday that Tonstad had stepped down from his position.
“We are thankful to Peter for stepping in as interim CEO and wish him the best for the future,” a Tidal official said.
Tonstad, a Norwegian national, was previously CEO at Aspiro, the Swedish-based parent company of Tidal, before he took over from Andy Chen in April.
Tidal was acquired by rapper Jay Z and a consortium of artists in March this year for $56m. The Spotify and Apple Music competitor pledges to provide a higher quality sound than its competitors while promising higher royalty fees to artists.
However the company has struggled to compete with Spotify in terms of subscribers, having just 770,000 which has around 20 million.
According to the Wall Street Journal, the company will now be run by executives in New York and Oslo until a new chief is in place.