According to a statement made by Tidal, former Aspiro CEO Peter Tonstad will replace Chen. Tonstad said this about his new promotion:

I believe in TIDAL and what the team is doing to affect the change the music industry needs. We’re streamlining the company and refocusing our resources to ensure the platform continues to grow, and listeners can make a connection to their favorite artists. No one else is doing this.

Also yesterday rumors started that approximately 25 Tidal employees were “forced to leave".  The company has stated that the rumors are incorrect, albeit not completely false since they labeled the staff reduction as "redundancies" and "streamlining". Read the full statement from Aspiro below:

TIDAL’s new interum [sic] CEO is Peter Tonstad – a former CEO of parent company Aspiro Group. He has a better understanding of the industry and a clear vision for how the company is looking to change the status quo. He's streamlining resources to ensure talent is maximized to enhance the customer experience. We've eliminated a handful of positions and refocused our company-wide talent to address departments that need support and cut redundancies. TIDAL’s offices globally will remain and grow: we are already hirinig [sic] for several new positions now. We're excited about our future and what's in-store for fans who want the best listening experience.