Tinder: CEO Renate Nyborg to leave dating app after one year

Image credit: Fortune

Renate Nyborg, CEO of the dating service Tinder, is leaving the company less than a year after taking the lead.

As part of a number of management changes reported by Match Group, Tinder’s parent business, she quit the app.

The strategic evaluation also considers Tinder’s aspirations to incorporate cutting-edge technologies like virtual currency and dating services based in the metaverse.

When the announcements were made, Match posted second-quarter figures that were below Wall Street expectations.

“Today we’re announcing the departure of Tinder CEO Renate Nyborg, and I’ve made key adjustments to the management team and structure that I’m certain will help Tinder fulfil its full potential,” Match Group CEO Bernard Kim wrote in a letter to shareholders.

Mr. Kim will hold Ms. Nyborg’s job while the company looks for a new CEO for Tinder.

A study of the introduction of new technology and a rearrangement of Tinder’s top management team are also included in the release.

After testing Tinder Coins and seeing varying results, we’ve taken a step back and reexamined that endeavour, said Mr. Kim. We also intend to give virtual items more consideration.

At the same time, Match, the company that also owns the dating apps OkCupid, Hinge, and Plenty of Fish, predicted that sales for the three months ending in September would range between $790 million and $800 million.

That was much below Wall Street projections and indicated that there would be no revenue increase for the time period for the company.

Mr. Kim blamed currency changes and the pandemic’s effect on people’s desire to use dating apps for the dismal results.

Although most individuals have passed through lockdowns and returned to more normal routines, he claimed that the readiness of people to use online dating services for the first time hasn’t yet reached pre-pandemic levels.

Shares of Match Group dropped more than 20% in Tuesday’s after-hours trading in New York.

In September of last year, Ms. Nyborg was named the company’s first female chief executive. After Shar Dubey’s resignation in May after just over two years in the position, Mr. Kim was named Match’s chief executive.

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