A replacement for Toig, who was the company's third CEO since its launch, will be announced soon.
Jay Z's music streaming service Tidal has confirmed the departure of Jeff Toig, its third chief executive in two years. "As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks," the company said in a statement to Billboard. "We wish [Toig] all the best in his future endeavors."
Toig took over as CEO in January 2016 and has worked to stabilize the company after its shaky launch nine months earlier. He replaced interim CEO Peter Tonstad, who took over for Tidal's original exec Andy Chen. In his announcement at the time, Jay Z called Toig a "leader at the intersection of consumer technology and entertainment for more than two decades."
Toig came to Tidal following a two-year tenure as SoundCloud's chief business officer. Before that he was the founder and senior vp of Muve Music, Cricket Wireless' music service, and a member of the Virgin Mobile USA founding team.