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Match Group Inc., the parent company of popular dating apps Tinder and Hinge, has added two new directors to its board.

Bloomberg reports that this decision comes after discussions with activist investor Elliott Investment Management, indicating a strategic move to enhance performance.

Match Group Adds Two New Board Directors

The newly appointed directors are Laura Jones, Chief Marketing Officer at Instacart, and Spencer Rascoff, co-founder of online property listings giant Zillow Group Inc. Jones brings extensive experience from her roles at Uber Technologies Inc. and Google, while Rascoff served as CEO of Zillow for a decade.

Faye Iosotaluno was appointed CEO of Tinder earlier this year, coinciding with reports of Elliott's substantial investment in the company.

Elliott's involvement led to an information-sharing agreement with Match Group, indicating a collaborative effort to drive sustainable shareholder value. This move follows Elliott's successful influence on changes at other firms, such as Crown Castle.

In a statement, Match Group Chairman Tom McInerney expressed appreciation for Elliott's feedback and highlighted the constructive engagement between the two parties. Marc Steinberg, Partner at Elliott, emphasized the belief in Match Group's potential for significant value creation.

What's Next?

Match Group's growth has slowed recently, attributed to economic uncertainty and a lack of new features amidst the pandemic.

Match Group CEO Bernard Kim reiterated the company's focus on innovation and growth and expressed excitement about the new board additions. Both Jones and Rascoff conveyed eagerness to contribute their expertise to Match Group's ongoing evolution and address its users' changing needs.

The company looks forward to continued collaboration with Elliott and shareholders, with plans to provide further insights at an upcoming investor day.

Elliott Investment Management holds a substantial stake in Match Group, estimated at approximately $1 billion, underscoring its confidence in the company's prospects.