The third time was supposed to have been the charm, but Tidal confirmed Friday that it has lost another CEO.
Jeff Toig, who took over the top spot at the struggling music streamer in January — becoming the third CEO in 25 months — has left the company, Tidal said.
When he was hired, Toig was praised by Tidal owner Jay Z for being a “leader at the intersection of consumer technology and entertainment for more than two decades.”
Jay Z bought the Swedish tech company in January 2015 for $56 million and renamed it Tidal.
Preceding Toig as CEO were Andy Chen, who left in April 2015, and Peter Tonstad, who left in June 2015.
Reasons for Toig’s exit are unclear but Billboard, which broke the story, suggested he may have left in March.
Tidal, with only 1 million estimated paid users, has struggled to gain traction against leaders Spotify, with 50 million, and Apple Music, with 20 million.
Nevertheless, Jay Z managed to sell a 33 percent stake to Sprint for $200 million in January 2017. He also shares ownership with some Tidal artists.
The streaming company, in a statement, said, “As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks. We wish former CEO, Jeffrey Toig, all the best in his future endeavors.”