Match Group reported better-than-expected revenues and profit for the third quarter of 2019, thanks mainly to the revenue growth for its top dating app, Tinder, which also became the top-grossing non-game app of 2019.
Mandy Ginsberg, the long-serving CEO of Match Group, the owner of online dating sites including Tinder, Match, OkCupid and PoF, has stepped down.
Shar Dubey, Match Group President, will take over Mandy Ginsberg’s CEO position on 1 March.
Ginsberg told Match employees in an internal email, obtained by Axios, that her decision was more personal than professional.
“Hi everyone. I am writing to let you know after 14 amazing years I will be stepping down from my role as CEO of Match Group,” Ginsberg said.
“This has been an emotional decision, because I truly love this place and passionately believe in our mission to positively impact society by helping people find meaningful relationships.
“When I started in 2006, we were just launching the second brand at Match and only 3% of relationships were from dating apps (that number is a whopping 50% today in North America and Western Europe and growing every day across the globe!). I have watched the organisation transition from a 200 person business in Dallas, Texas, to a nearly 2,000 person organisation and global dating powerhouse, including one of the most successful corporate incubations in internet history – Tinder. We have become a $20B+ business because of the people who are reading this email. It has been the innovation, problem solving, creativity and tenacity that you have brought to work each day that has gotten us to this point. And the future is bright, especially with the announcement of an incredible new CEO at the helm.
“Shar Dubey will be taking over as CEO of Match Group on March 1st. She has been an incredible partner for 14 years – most recently acting as Match Group President – and knows every inch of these businesses. Her instincts on growth levers are unparalleled; she has incredible command of the consumer internet space; and has the vision and experience to take this business forward. She is so well suited for this role and we won’t miss a beat during this transition. Not only is she a brilliant, analytical and action-oriented executive, but she is a great leader because she wants every single person on the team to win. And so many people who have worked for Shar have told me she is the best boss they have ever had. Now you all have the best boss. Lucky you.
“So why am I leaving now? These last four months have been personally trying. In October, Dallas experienced a tornado that barrelled through the city destroying many homes in its wake. Thankfully no one was killed, but the tornado hit my home, making it unliveable. This has definitely impacted my family. And I have had some recent health hiccups. I have been pretty public about the fact that after my mom and aunt died of ovarian cancer 15 years ago, I tested positive for the BRCA1 gene and at the time, opted for a preventative double mastectomy due to high risk of breast cancer. And 10 years later, just last Friday, I had to have another surgery due to an FDA recall of the implants, because they have been linked to cancer. It’s been a lot to handle. And while I expect to have a clean bill of health, short term I need to take care of myself and so will take some time off this year to do just that.
“So, with lots of emotion, I ultimately made the decision that this is the best timing for me personally, and for the business. I’m so proud of what we’ve accomplished, and in a few months, I expect Match Group will start its next chapter as a fully independent public company. Shar is going to do great things and you will all love working for her. I will really miss the business, but I will especially miss the people. You guys have made my career here so fun and exciting. I will be on the sidelines cheering from the top of my lungs. Keep spreading the love around the globe.”
Match Group reported better-than-expected revenues and profit for the third quarter of 2019, thanks mainly to the revenue growth for its top dating app, Tinder, which also became the top-grossing non-game app of 2019. Revenues of US$541 million were up by 22% year over year, due to improvements of 19% and 4% in average subscriber base and average revenue per user respectively.
In a statement about Ginsberg’s departure, Match Group Chairman Joey Levin said: “Mandy has had a profound impact on Match Group’s culture, the team, and through the success of our products, the world. She recruited Shar to the company more than a decade ago, and it’s been incredible to witness what these two executives have built together. Mandy will always be a part of the Match Group family, wherever she is. But, if she will no longer be here, we cannot imagine a better successor than Shar. The Match Group leadership team has a deep bench of talent, and Shar, Gary and the team will continue to lead Match Group forward.”
Dubey has also been with Match Group for 14 years, the past two years as Match Group President. She’s been on the board since late last year. Prior to her most recent position, Dubey served as chief operating officer of Tinder and led the team that launched Tinder Gold, the company’s most successful monetisation feature to date. She also previously served as President of Match Group Americas and chief product officer of the Match brand.
Match Group also named Gary Swidler as chief operating officer, in addition to his role as CFO. In the new role, Swidler will also oversee corporate communications, market research, corporate strategy, data security, advertising and user safety across the portfolio of brands, Match Group said. Faye Iosotaluno was named chief strategy officer and Justine Sacco was appointed chief communications officer. Both will report to Swidler.