Tidal has confirmed that CEO Andy Chen will leave the high-res streaming company. Peter Tonstad, who was formerly CEO at Tidal’s parent company Aspiro, will serve as interim CEO. The company is conducting a search for replacements.
According to the statement from Tidal, Tonstad “has a better understanding of the industry and a clear vision for how the company is looking to change the status quo.” The company also eliminated other positions, with media outlets reporting 25 employees cut, but Tidal responding that it was less than half of that total. “We’ve eliminated a handful of positions and refocused our company-wide talent to address departments that need support and cut redundancies,” the company said.