Tidal CEO Andy Chen Departs Company Amid Layoffs, Interim CEO Named
Tidal's new interim CEO is Peter Tonstad a former CEO of parent company Aspiro Group.
Andy Chen, CEO of Tidal at Norwegian-based parent company Aspiro Group, has left the company. A Tidal spokesperson tells Billboard that Peter Tonstad, Aspiro's former CEO, will serve as interim CEO while a replacement search commences. Although reports initially suggested an additional 25 employees were leaving the company, another Tidal rep says the number of employees is "less than half" the reported number and across the entire global network. Tidal's full statement below:
"Tidal's new interim CEO is Peter Tonstad a former CEO of parent company Aspiro Group. He has a better understanding of the industry and a clear vision for how the company is looking to change the status quo. He's streamlining resources to ensure talent is maximized to enhance the customer experience. We've eliminated a handful of positions and refocused our company-wide talent to address departments that need support and cut redundancies. Tidal''s offices globally will remain and grow: we are already hiring for several new positions now. We're excited about our future and what's in-store for fans who want the best listening experience."
Since re-launching as a private company on March 30, Tidal has delisted from Nasdaq Stockholm and announced 16 artist stakeholders, including Jay Z, who led a $56 million takeover bid that was accepted by the Aspiro board in late March. Tidal's day-to-day U.S. operations have been led by Vania Schlogel, Roc Nation's chief investment officer, who's also doubled as the company's de facto industry liaison. That includes addressing backlash from critics, and helping corral recent exclusives from Rihanna, Beyonce and Jay Z, who on Thursday (April 16) released rehearsal footage featuring his Blue Ivy ode "Glory" from a 2012 performance at Carnegie Hall.
Up next? Cold calls to Tidal users from Jay Z and Jack White, and an upcoming offline concert series called TIdal X that will reward the most active listeners of key artists in different cities a chance to attend a private concert. J. Cole is the first participating artist in New York.
This article first appeared on Billboard.com