Tidal’s third CEO in six months may be able to turn things around

The former Muve Music and Soundcloud executive should be a steadying influence as Tidal’s third CEO in less than a year. Tidal, the streaming service launched by rap mogul Jay Z this past March, has hired veteran digital music executive Jeff Toig to fill the Chief Executive Officer that’s been open since the summer. With Toig Tidal gets an executive who knows a thing or two about building young businesses. Before he was SoundCloud’s Chief Business Officer, Toig was a founder and svp at Muve Music, Cricket Wireless’s innovative music service, and was on the Virgin Mobile USA founding team. Jay Z, who bought Tidal in March, calls him “a leader at the intersection of consumer technology and entertainment for more than two decades.” The hire should also bring some stability after considerable turnover this year. Since its (oft-criticized) big reveal, Tidal has gone through two CEOs — Andy Chen and interim CEO Peter Tonstad — as well as Chief Investment Officer Vania Schlogel and svp of artist and label relations Zena Burns. (Jay Z’s Roc Nation has also lost executives, including chief marketing officer Jeff Geisler.) Adding to the bad optics have been persistent rumors that Jay Z is looking to sell the company or partner with another service — scenarios that seem unlikely with Toig’s hire.