Jay Z’s Tidal is looking for a new CEO.
Billboard reports that Jeff Toig, their third CEO in two years, has stepped down. Toig’s brief tenure began in January 2016 and he helped stabilize TIDAL after it’s rocky 2015.
“As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks,” the company said in a statement to Billboard. “We wish [Toig] all the best in his future endeavors.”
Tidal made headlines in February for allegedly inflating their subscriber numbers. Just days after that story broke, a 33 percent stake of the company was sold to Sprint for $200 million. Billboard reports that the specifics surrounding Toig’s departure are “unclear,” but a source has confirmed that he actually stepped down in March.
Also in March, Jay Z formed a venture capital firm called Arrive, which will focus on helping emerging startups.
According to Tech Crunch, Arrive is a partnership between Roc Nation, Primary Venture Partners and GlassBridge Asset Management, a company that has since moved into venture capital. In a press release, Roc Nation stated that their investment platform will assist budding startups and offer funding, business development, branding and more.
Tidal currently has an estimated one million paid users. Spotify and Apple Music (50 million and 20 million, respectively).