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Tinder-owner Match Group names new board directors after Elliott push

March 25, 2024 7:42 AM

(Reuters) -Tinder-owner Match Group named Instacart executive Laura Jones and Zillow co-founder Spencer Rascoff to its board on Monday, after talks with activist investor Elliott Investment Management to improve its performance.

Jones is the chief marketing officer at Instacart while Rascoff has served as Zillow Group's CEO for a decade after co-founding the real estate firm in 2006.

Match disclosed for the first time that it has an information-sharing deal with Elliott, whose push for change at the dating firm follows a big win for the hedge fund at wireless tower operator Crown Castle in December.

"We appreciate the collaboration with management and the board over the past several months and we are confident that Laura Jones and Spencer Rascoff are strong additions to the board," Marc Steinberg, partner at Elliott, said in a statement.

Growth has slowed at Match from the peaks hit during the pandemic, as economic uncertainty and a lack of new features prompt people to cut back on spending on its dating apps.

The company tapped insider Faye Iosotaluno as CEO of Tinder in January, a day after the Wall Street Journal reported that Elliott has built a roughly $1 billion stake in the company.

The activist investor, founded by billionaire Paul Singer in 1977, forced Crown Castle last year to review its fiber business and replace two directors on its board.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Arun Koyyur)

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