Dallas-based dating company Match Group is restructuring its leadership to focus on its most popular apps.
The decision comes two days after investors dumped the stock in droves after reporting the first-ever quarterly revenue decline in fourth-quarter earnings on Tuesday. Shares of the stock were down nearly 5% on Wednesday.
Today, the company has announced it will cut 8% of its employees — around 200 jobs — to combat its slowing revenue growth.
Match Group has appointed a new team to focus on key elements of its business as it refocuses on its high-growth apps, Asia, and emerging brands. The team will report directly to CEO Bernard Kim.
Members of the team include Gary Swidler, who previously served as CFO and COO of Match Group and has now been appointed president and CFO of Match Group.
Will Wu will join the team as the chief technology officer. Wu previously worked as the vice president of products for Snap, Inc., the company behind Snapchat, Spectacles, and Bitmoji.
“Will is truly a product savant,” Match CEO Kim said.
“For nine years, he has forged new technologies at scale that have redefined user experiences and expectations of social products, particularly amongst Gen Z. I’ve known him for a long time, and have seen the massive impact he’s had on the way people connect at Snap, and I can’t wait to see what he will bring to the dating experience.”
Malgosia Green, the former CEO of Match Group’s dating app Plenty of Fish, will join the executive team in the newly created CEO role of Match Group Asia. Green is based in Singapore and will head Pairs and Hyperconnect and manage Asia’s go-to market teams.
Hyperconnect, a Seoul-based social media company, was acquired by Match Group in 2021 for $1.73 billion, the biggest acquisition in company history, according to TechCrunch. Pairs is a Japanese-based app that aims to get users married within 12 months.
Hesam Hosseini, CEO of Match and Affinity brands, will join the team in the new role of Evergreen & Emerging Brands CEO. Hosseini will oversee Meetic, Plenty of Fish, OkCupid, and emerging brands The League, BLK, and Chispa, according to Tech Crunch.
Justin McLeod, the founder and CEO of popular Gen Z and millennial dating app Hinge, will now report to Match Group’s chief executive.
Match Group CEO Kim will remain as the interim CEO of Tinder, according to Dallas Business Journal. Since Kim took the company’s reins, he has been experimenting with more expensive versions of flagship apps, Tinder and Hinge, with the latter’s new premium version expected to bring in $100 million in 2023, according to the Dallas Morning News.
Kim spoke highly of the newly assembled team.
“This leadership team has a deep bench of knowledge, proven track records, and we are all ready to collaborate and capitalize on the opportunities ahead,” Kim said.