News of Tonstad’s resignation was first reported by Northern European news outlets. The company has since confirmed these reports, describing his role as the company as interim CEO and saying that it will be “transitioning to a permanent CEO as part of our strategic plan to create a leading platform.”
Tidal initially only operated in Northern Europe, and got acquired by Jay Z earlier this year. It launched internationally in March with the support of many big names in the music business, including musicians like Beyonce, Kanye West, Nick Minaj, Madonna, Rihanna and Usher.
However, the star-studded launch was overshadowed by reports of layoffs and the departure of its previous CEO Andy Chen. Tidal’s chief investment officer Vania Schlogel tried to downplay these issues at Variety‘s Entertainment and Technology Summit in April, where she expressed confidence in Peter Tonstad: “We are excited to be working with Peter…he knows the ins and outs,” she said at the time.