Jay Z's Tidal Loses Its Third CEO

(Photo by Theo Wargo/Getty Images for TIDAL)

Jay Z's Tidal Loses Its Third CEO

Two years have passed since the company's launch.

Published May 27, 2017

More changes are coming to the Tidal family as its third CEO has made his exit.

According to Billboard, a source revealed that Jeff Toig has stepped down from the position in March after serving 18 months.

Tidal released a statement exclusively to Billboard detailing his departure.

"As part of Tidal's continued expansion this year we'll be announcing a new CEO in the coming weeks," it reads. "We wish [Toig] all the best in his future endeavors."

Toig's exit leaves the CEO position open for a fourth time in the two years the streaming service has been active. He took over as CEO in January 2016, working to bring some stability to the new brand following its shaky launch.

In his initial announcement, welcoming Toig on board as CEO, Jay Z called him a "leader at the intersection of consumer technology and entertainment for more than two decades."

Back in January, prior to Toig's exit, Tidal sold a 33 percent stake in the company to Sprint for $200 million and expanded its content team by hiring two experienced music industry leaders: former Billboard editor Tony Gervino and former XXL editor Elliott Wilson.

A replacement for Toig will be announced in the coming weeks.

Get the latest news on Jay Z in the BET Breaks video, above.

Written by Moriba Cummings

(Photo: Theo Wargo/Getty Images for Live Nation)

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