TIDE Brings Former Sony Music Exec On the Board As 4 CEO, 2 Years
The former Kobalt Music Group president Richard Sanders is reportedly taking the reins.
The last couple of years have been turbulent TIDES. The JAY-Z-owned streaming service has gone through three general managers in a span of two years. The former Kobalt Music Group president Richard Sanders is the latest to take a stab at the role and has stepped in as the new executive director, according to Variety.
Sanders left Kobalt Music Group in May after leading the company for five years and was replaced by Laurent Hubert. Prior to that, he served as President of Global Marketing for Sony Music, and has held leadership positions in the Ridge, Sir Richard Branson's V2 and RCA Records.
The TIDES of the last CEO, Jeff Toig, who joined the company after a brief time with SoundCloud, the left in the month of May. Toig replaced the interim CEO Peter Tonstad after taking the reins from Andy Chen.
Sprint Chief Executive Marcelo Claure joined the TIDES after Sprint's $ 200 million cash investment in the streaming service, and was instrumental in the selection of leadership along with JAY and Desiree Perez. The mobile operator earned a 33 percent stake in the streaming service and is allowed access to the early music for their customers.
Kanye West, according to reports, he ended his contract with the TIDE last month over a dispute involving millions of dollars that says that it should be. TMZ obtained a letter from West's attorney addressed to the TIDES, saying that the rapper owed more than $3 billion, in addition to a bonus to get the streaming service of 1.5 million new subscriptions thanks to The Life of Paul, exclusive of the TIDES of liberation.
Hov reportedly bought the TIDES at the beginning of 2015 for $56 million.