The high-definition music streaming site was purchased for $56 million back in March by hip-hop business mogul Jay Z and it became a private company. It has had its ups and downs but it's still going on strong, well except for the CEO leaving the company.
Peter Tonstad, was a former CEO of Tidal's parent company Aspiro Group, as interim chief executive before he became the CEO of Tidal on April 17th 2015. He didn't tell the public why he resigned, he just did.
Tidal released this 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.”It remains to be seen whether a replacement is waiting in the wings with an even better understanding of the industry, but the news caps a tumultuous period for Tidal, after its starry relaunch press conference was widely seen as a misfire.
Source: CBS News
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