Match Group Appoints New Finance Chief

(Reuters) – Match Group announced on Monday that Steven Bailey will take over as the new finance chief early next year. This move underscores the company’s focus on driving long-term strategic growth and maintaining strong cost discipline.

Bailey will replace Gary Swidler, who has held the position for nearly a decade, on March 31. However, Swidler will continue to serve as the president of Match.

Bailey has been with Match since 2012 and currently holds the title of senior vice president of financial planning and business operations.

In its most recent earnings report, Match forecast third-quarter revenue below Wall Street expectations, as consumers are cutting back on spending for dating apps, which is affecting user growth.

Paying Tinder users fell by 8% to 9.6 million in the second quarter, compared to a 9% decline in the previous quarter.

Match has also experienced delays in launching new features for key apps like Tinder. In an effort to revitalize its business, it has been rolling out new subscription options and app updates.

Earlier this year, Match appointed Faye Iosotaluno as the new CEO of Tinder, a day after reports emerged that Elliott Investment Management had acquired a stake of about $1 billion in the company.

The company has faced significant pressure from activist investors including Starboard Value, Elliott, and Anson Funds Management, who have been advocating for changes due to a slowdown in growth following the pandemic.

In July, Starboard accumulated a 6.6% stake in Match and urged the dating app operator to consider a sale if it could not rejuvenate its business.