Match appoints two board administrators after talks with activist investor Elliott Administration

Tinder-owner Match Group has appointed two new members to its board of administrators and signed an settlement with Elliott Administration, the corporate announced on Monday. Chief advertising and marketing officer at Instacart Laura Jones, and Zillow co-founder Spencer Rascoff, might be becoming a member of the board, efficient instantly.

Match stated in a press launch that the appointments adopted a “a constructive dialogue” with the activist investor, as the 2 firms have entered in an “information-sharing” settlement. Immediately’s announcement comes a couple of months after The Wall Street Journal reported that Elliott has constructed a roughly $1 billion stake within the firm.

The report indicated that Elliott was excited about discussing methods for Match to show its efficiency round, as the corporate faces a decline in paying customers amid financial uncertainty.

“We’re one of many largest traders of Match Group in the present day as a result of we consider in its alternative for vital worth creation as the worldwide chief in on-line relationship,” Marc Steinberg, companion at Elliott, stated in a press launch. “We recognize the collaboration with administration and the Board over the previous a number of months, and we’re assured that Laura Jones and Spencer Rascoff are robust additions to the Board. We consider their distinctive expertise and views will assist help the Firm by its subsequent part of development.”

Elliott has fashioned a fame for constructing stakes in tech firms and forcing modifications. The activist investor’s push for change on the relationship agency follows board shakeups at Crown Fortress and Etsy.

In Match’s fourth quarter for 2023, the corporate’s variety of complete paid customers decreased 5% yr over yr to fifteen.2 million. The corporate’s development has slowed from the peaks it reached in the course of the COVID-19 pandemic, as Match has seen a 79% inventory decline from its 2021 peak.

Match is the mum or dad firm of a number of widespread relationship apps, together with Tinder, Hinge, Match.com, Meetic, OkCupid, Hinge, Loads of Fish, OurTime and extra.