Tinder’s change in leadership plunged shares of its parent company by 17%. The Match Group was dissatisfied with the work of CEO Renata Nyborg and fired her. She has been in office for less than a year.
The firing of Tinder CEO Renata Nyborg is set out in a letter to shareholders from Match Group boss Bernard Kim.
Renata Nyborg is the sixth CEO that Tinder has replaced since it was founded in 2012. Nyborg did not work in the role for a year.
The Match Group was unhappy with Tinder’s financial performance under Nyborg’s leadership. In many ways, they turned out to be worse than analysts’ expectations: a quarterly net loss of $32.4 million, a loss per share of $0.11. For the same period in 2021, Tinder posted net income and earnings per share.
Shares of Match Group, which owns the dating service, plunged 22% in Nasdaq premarket trading after Tinder announced a leadership change. Subsequently, the fall slowed to 17.2%.
Author:
Kirill Bilyk
Source: RB
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