TIDAL has lost its second CEO in two months as Peter Tonstad exits the HD streaming company.
The exec has told local press in Norway that he’s resigned.
Tonstad become interim CEO of TIDAL in April after ex-boss Andy Chen parted ways with the company.
That was just two weeks after Jay-Z took ownership of the Spotify rival through his Project Panther Bidco investment vehicle.
Now, just six days ahead of Apple Music’s worldwide launch, Tonstad is out too.
A statement from TIDAL said: “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.
“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.”
Tonstad was CEO of Aspiro for two years prior to the arrival of Chen in 2013, but was then moved to Chief Commercial Officer.
In April, a TIDAL spokesperson commented that Tonstad has a “better understanding of the [music] industry and a clear vision for how the company is looking to change the status quo”.
He is understood to have led a series of lay-offs at TIDAL in its native Scandinavia.
A full-time CEO is now expected to be appointed by TIDAL in the US.Music Business Worldwide