Match Group Falls After CEO Mandy Ginsberg Steps Down

Shares of Match Group, the owner of Tinder, slip after CEO Mandy Ginsberg says she is stepping down for personal reasons. Sharmistha Dubey to become new CEO.

Shares of Tinder-owner Match Group  (MTCH) - Get Report slipped after the company announced that CEO Mandy Ginsberg was stepping down after 14 years at the helm of the online dating company for both personal and family-related reasons.

In an email to staff, Ginsberg, 50, called the past four months “personally trying,” with a tornado forcing her out of her Dallas home in October and a more recent surgery.

“It’s been a lot to handle,” Ginsberg wrote in the email. “While I expect to have a clean bill of health, short term I need to take care of myself.”

Ginsberg said she will be replaced by her long-time deputy Sharmistha (Shar) Dubey. She was formerly chief operating officer of Tinder, the company’s top-performing unit.

The leadership change announced Tuesday comes ahead of the company's planned spinoff from  media and internet conglomerate IAC/InterActiveCorp.  (IAC) - Get Report.

In December, IAC announced that Match would be spun off into a fully independent separate public company. The transaction is expected to close in the second quarter of 2020.

Match Group also named Gary Swidler as chief operating officer, in addition to his role as chief financial officer. Faye Iosotaluno has been named Match’s chief strategy officer
and Justine Sacco as the new chief communications officer.

The management changes were first reported by The Wall Street Journal.

Dallas-based Match Group has some 45 different online dating apps and other properties, including Match, OkCupid, Hinge, Plenty of Fish, Pairs and Meetic.

Shares of Match were down 2% at $82.29 in morning trading on Wednesday.