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Tidal CEO Andy Chen Leaves Company

CEO of Aspiro, the Swedish music streaming company acquired by rapper Jay Z for $56 million, has left the company. According to Breakit, around 25 employees were given notice by the company and “forced to leave.”

Tidal confirmed Andy Chen’s departure, but dismissed reports about the 25 staff members leaving the company as being “incorrect.”

Tidal released the following statement on Chen’s departure:

TIDAL’s new interim [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.

Chen will be replaced by former Tidal CEO Peter Tonstad.