According to Business Insider, CEO of Aspire Group Andy Chen has left the company and being replaced by former CEO Peter Tonstad. Aspire is the music streaming company that Jay Z purchased for $56 million a couple of months ago. There is said to be a lot of restructuring in the company and redundancies leading to 25 employees being forced to leave aledgedly.
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 favorite artists. No one else is doing this.