Andy Chen, CEO of Aspiro, the Swedish music streaming company acquired by rapper Jay Z for $US56 million in March, has left the company along with 25 employees.
Reports of departures at Tidal began yesterday in Swedish news site Breakit. It claimed that around 25 employees were given notice by the company and “forced to leave.”
Now, Tidal has confirmed that CEO Andy Chen is leaving the company, and will be replaced by its former CEO, Peter Tonstad.
Here’s a statement from Tidal on Chen’s departure:
TIDAL’s new interum [sic] CEO is Peter Tonstad — a former CEO of parent company Aspiro Group. He has a better understanding of the industry and a clear vision for how the company is looking to change the status quo. He’s streamlining resources to ensure talent is maximized to enhance the customer experience. We’ve eliminated a handful of positions and refocused our company-wide talent to address departments that need support and cut redundancies. TIDAL’s offices globally will remain and grow: we are already hirinig for several new positions now. We’re excited about our future and what’s in-store for fans who want the best listening experience.
And new CEO Peter Tonstad gave this statement to Breakit:
I believe in TIDAL and what the team is doing to affect the change the music industry needs. We’re streamlining the company and refocusing our resources to ensure the platform continues to grow, and listeners can make a connection to their favourite artists. No one else is doing this.