Jay Z's Tidal streaming service loses its 3rd CEO in 2 years

Markets Associated Press

Jay Z's Tidal streaming service has lost its third CEO in two years.

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Tidal said Friday that Jeffrey Toig has left the company, which was launched in 2015. Toig joined Tidal in January 2016.

The streaming service said in a statement that it will announce a new CEO "in the coming weeks" and wishes Toig "all the best in his future endeavors."

Tidal is also co-owned by Beyonce, Madonna, Rihanna, Kanye West and other artists. Sprint announced in January it was buying a 33 percent stake in Tidal, which has more than 40 million songs and 140,000 videos. It is available in more than 52 countries.

Tidal's former CEOs include Peter Tonstad and Andy Chen.