It has been a rough week in the press for Jay Z’s Tidal streaming service — and it’s only Tuesday.
After it was reported the company is facing a class action lawsuit for failing to pay artists royalties, news broke that the company has also fired two top executives.
In a statement provided to Billboard, reps for Tidal pointed to the company’s growing aspirations around the world as the main reason why the streaming service is shifting its top executive brass out of its Oslo, Norway European headquarters. “Tidal has terminated CFO Chris Hart and COO Nils Juell,” the statement reads. “As Tidal has grown into a global operation serving 46 countries we have moved our accounting and operations team to New York while our technology team and key support staff remain in Oslo.”
Tidal has churned through executives since its U.S. launch last March, with former SoundCloud exec Jeff Toig becoming its third CEO in less than a year when he took over in December 2015, accepting the reins from interim CEO Peter Tonstad, who filled in after Andy Chen left the company amid layoffs in April 2015. Tidal also lost svp of artist and label relations Zena Burns last June after just two months, and Chief Investment Officer Vania Schlogel, the public face of the company in the aftermath of its star-studded launch, is also gone.
Sources tell Billboard the decisions to remove the CFO and COO both occurred within the last week as Toig is combing through the company, evaluating its employee talent and consolidating its headquarters. Both Hart and Juell had been at Tidal since before the company launched in the States.
Tidal is shuffling through execs left and right. We wonder if this latest move has anything to do with a pending acquisition…