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Tidal CEO Jeff Toig Exits The Company

(Hypebot) – Tidal CEO Jeff Toig has left the streaming music service. It's the 3rd departure of the top executive at the Jay Z-owned company in 2 years.

Despite superstar backers and a recent $200 million investment from Sprint, Tidal has failed to gain major traction even as Spotify, Apple Music and others have fueled a music industry resurgence.

"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 [Jeff Toig] all the best in his future endeavors."

Toig joined Tidal as CEO in January 2016 after a stint as chief business executive at SoundCloud.