Less than a year after taking the helm of the dating app, Tinder CEO Renate Nyborg is quitting the company.
She left Tinder as part of a series of management changes that Match Group, Tinder’s parent company, disclosed.
The strategic assessment is also looking at Tinder’s ambitions to incorporate new technologies, such as virtual currencies and metaverse-based dating.
Match released second-quarter numbers that fell short of Wall Street forecasts when the announcements were made.
In a letter to shareholders, Match Group CEO Bernard Kim stated, “Today we’re announcing the resignation of Tinder CEO Renate Nyborg, and I’ve made certain changes to the management team and structure that I’m convinced will help achieve Tinder’s full potential.”
Ms. Nyborg’s position will be filled by Mr. Kim while the firm searches for a new CEO for Tinder.
In a LinkedIn article, Ms. Nyborg stated, “I have cherished every second of the previous two years, working with an I.N.C.R.E.D.I.B.L.E team on the magic of human connection.”
The statement also includes a review of plans for introducing new technologies and a reorganization of Tinder’s top management team.
We’ve taken a step back and re-examined that endeavor after finding conflicting outcomes from testing Tinder Coins, said Mr. Kim. We also want to look more deeply about virtual items.
It happened at the same time that Match, which also owns the dating apps OkCupid, Hinge, and Plenty of Fish, forecast sales of between $790 million and $800 million for the three months ending in September.
That was much below Wall Street projections and indicated that there would be no revenue increase for the time period for the firm.
Mr. Kim blamed currency changes and the pandemic’s effect on people’s desire to use dating apps for the dismal results.
Although most individuals have passed through lockdowns and returned to more regular routines, he said that the readiness of people to use online dating services for the first time hasn’t yet reached pre-pandemic levels.
Shares of Match Group dropped more than 20% in Tuesday’s after-hours trading in New York.
In September of last year, Ms. Nyborg was named the company’s first female chief executive.
After Shar Dubey’s resignation in May after little over two years in the position, Mr. Kim was named Match’s chief executive.