Tinder CEO Renate Nyborg is quitting the company less than a year after becoming the dating app’s leader.
Her departure was one of several managerial changes made by Tinder’s parent firm, Match Group.
In addition, Tinder’s intentions to adopt new technologies, such as virtual currencies and metaverse-based dating, are under consideration.
Match posted second-quarter financial results that fell short of Wall Street’s forecasts.
Match Group CEO Bernard Kim wrote in a letter to shareholders, “Today we are announcing the departure of Tinder CEO Renate Nyborg, and I have made some changes to the management team and structure that I am convinced will help fulfill Tinder’s full potential.”
Mr. Kim will assume the position vacated by Ms. Nyborg while the firm searches for a permanent Tinder chief executive.
The announcement also includes a reorganization of Tinder’s top management team and a review of new technology rollout plans.
“After testing Tinder Coins and observing mixed outcomes, we’ve decided to take a step back and reevaluate that endeavor… we also plan to do more thinking about virtual goods,” Mr. Kim continued.
Match, which also owns the dating apps OkCupid, Hinge, and Plenty of Fish, estimates sales for the three months ending September 30 to be between $790 million and $800 million.
This was much below Wall Street’s estimates and indicated that the company’s sales would remain flat for the term.
Mr. Kim attributed the dismal numbers to the influence of the epidemic on people’s desire to use dating apps and currency changes.
People’s desire to explore online dating services for the first time has not yet returned to pre-pandemic levels, he said.
Tuesday after-hours trading in New York saw shares of Match Group decline by over 20 percent.
In September of last year, Ms. Nyborg became Tinder’s first female chief executive.
Mr. Kim was appointed Match’s CEO in May after his predecessor Shar Dubey resigned after less than two years in the position.
