Tidal Names Richard Sanders Fourth CEO in Two Years.

Story by Inside Radio

Tidal, the streaming music service owned by Jay-Z, has named Richard Sanders as its new CEO, according to Variety. Sanders is the fourth CEO of the service since its 2015 launch and brings a record label background that includes positions at Sony Music Entertainment and Kobalt Music Group, where he was president.

Sanders, who replaces Jeff Toig, who left the company in March, was with Kobalt for five years until his departure in May. Before joining Kobalt, he was president of global marketing for Sony Music and also held executive positions at RCA and Arista.

Toig took over as CEO in 2016, replacing interim CEO Peter Tonstad, who replaced original CEO Andy Chen. Chen and Tonstad were both with the company—then known as Aspiro—when Jay-Z purchased it for a reported $56 million.

Sprint took a 33% stake in Tidal in Jan. worth a reported $200 million. Sprint CEO Marcelo Claure was named to the Tidal board as part of the investment. Variety reports that Claure, Jay-Z and Desiree Perez have been overseeing the company during the transition in leadership.