Match Group, the company that owns Tinder, has made some significant changes by appointing two new members to its board of directors and signing an agreement with Elliott Management. The announcement was made on Monday, revealing that Laura Jones, Chief Marketing Officer at Instacart, and Spencer Rascoff, co-founder of Zillow, will be joining the board with immediate effect.
This move follows a productive dialogue between Match Group and the activist investor, indicating a positive step towards collaboration. The decision comes after recent reports from The Wall Street Journal suggested that Elliott Management has acquired a significant stake in the company, signaling a desire to explore possibilities for improving Match Group’s performance.
Marc Steinberg, a partner at Elliott, expressed confidence in Match Group’s potential for value creation as a leader in online dating, emphasizing the importance of the new board additions in supporting the company’s growth. Elliott’s history of instigating changes in tech companies, coupled with previous successful board transitions, further solidifies their commitment to driving positive outcomes at Match Group.
In Match Group’s fourth quarter for 2023, the company experienced a decline in the number of total paid users, indicating a slowdown in growth compared to previous years. This trend is reflective of the broader challenges faced by the company post-pandemic, as reflected in the decline in stock value since its peak in 2021.
Match Group is the parent company of various popular dating apps, including Tinder, Hinge, Match.com, Meetic, OkCupid, Hinge, Plenty of Fish, OurTime, and more.
