Tinder’s chief executive is stepping down in July after less than two years on the job as the dating app struggles to grow its user base and squash proxy fights from several activist investors.
CEO Faye Iosotaluno announced her departure in a LinkedIn post on Thursday, ending a nearly eight-year career at Tinder and its owner, Match Group. She previously served as Tinder’s chief operating officer and Match Group’s head of strategy.
Match Group CEO Spencer Rascoff said in his own LinkedIn post that the pair had been preparing for her departure over the past few months “to ensure a smooth transition.”
Rascoff said he is stepping in to lead the Tinder team and did not name a replacement chief executive.
Shares in Match Group jumped 0.8% by approximately 3:00 p.m. ET.
It’s the latest leadership shakeup for the dating app giant, which also owns Hinge, OkCupid and Plenty of Fish.
Rascoff was only appointed Match Group’s new chief executive in February, succeeding Bernard Kim, who gave up the role after less than three years as activist investors started to build up stakes in the company.
And Rascoff last month announced that Match Group’s chief technology officer would be stepping down at the end of May. He did not immediately name a replacement.
In March 2024, Match Group appointed two new members to its board and signed an agreement with Elliott Management after the activist reportedly bought a $1 billion stake in the company.
Starboard Value and Anson Funds have also amassed stakes in Match Group and pushed for changes that could cut costs and improve the dating conglomerate’s margins.
To fend off activist advances, Rascoff has been leading a turnaround effort, announcing a 13% workforce reduction earlier this month. The bulk of the cuts hit Tinder.
Executives are hoping to return Tinder to revenue growth. Iosotaluno in December warned investors that this goal wouldn’t be reached until 2027.
But Rascoff said recent product momentum would continue at Tinder, which has been testing double-dating features across Europe and an artificial intelligence “wingman” prototype that can generate icebreakers and offer flirting advice to users.
“With a strong foundation set, we’re focused on what comes next. Tinder’s leadership team is energized and aligned around building products that meet the moment, reflect the evolving needs of our global community, and meet people where they are,” Rascoff wrote in his LinkedIn post.
“This next chapter is about momentum, innovation, and delivering on our full potential,” he continued.
