Tinder-owner Match Group has recently made some big changes within its organization, appointing two new members to its board of directors and signing an agreement with activist investor Elliott Management. This news, announced on Monday, brings about the addition of Laura Jones, Chief Marketing Officer at Instacart, and Spencer Rascoff, co-founder of Zillow, to the board with immediate effect.
In a press release, Match stated that these appointments were the result of “constructive dialogue” with Elliott Management, which has led to an “information-sharing” agreement between the two companies. This development comes in the wake of a report from the Wall Street Journal, revealing that Elliott had amassed a stake worth approximately $1 billion in Match Group.
“As one of the largest investors in Match Group, we see immense potential for value creation in its role as the global leader in online dating,” declared Marc Steinberg, Partner at Elliott, in a statement. “We are grateful for the collaboration we have had with management and the board over the past several months, and we believe that the addition of Laura Jones and Spencer Rascoff will greatly benefit the company in its pursuit of the next phase of growth.”
Elliott Management has earned a reputation for its involvement in the tech industry, pushing for change and implementing shakeups within various companies. This decision to advocate for change at Match follows similar actions taken at Crown Castle and Etsy.
In the fourth quarter of 2023, Match Group saw a 5% decrease in its total number of paid users, which reached 15.2 million. This slowdown in growth can be attributed to the economic uncertainty brought about by the COVID-19 pandemic, which has also seen the company’s stock decline by 79% from its peak in 2021.
Match Group is the parent company of several popular dating apps, including Tinder, Hinge, Match.com, Meetic, OkCupid, Plenty of Fish, and OurTime. With this latest development, the company is poised to undergo some significant changes as it navigates through the challenges brought about by the pandemic and continues to lead the way in the online dating industry.
