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Match Group, the parent company behind major dating apps like Tinder, Hinge, and OkCupid, has appointed Darrell Cavens, co-founder of online retailer Zulily, to its board of directors. The move comes just days after activist investor Anson Funds proposed its own slate of three board candidates, escalating a growing battle over the company’s future direction based on the fact that Match – like many dating site companies – has struggled to regain lost ground after the pandemic.
According to Match, Cavens brings experience in digital commerce and consumer technology that aligns with the company’s long-term goals. The appointment is being positioned as part of an ongoing effort to refresh the board with directors who have relevant industry expertise. However, Anson Funds sees things differently – The hedge fund has criticized the board for the company’s underperformance and has spent over a year urging leadership to rethink its spending strategy, reduce costs, and explore strategic options, especially in its Asia operations.
In response to Cavens’ appointment, Anson highlighted his past working relationship with Match’s new CEO, Spencer Rascoff – who previously served on Zulily’s board while Cavens was CEO – as an example of what it calls a problematic “interlocking” board structure.
Like other dating platform owners, Match has struggled to maintain user growth and engagement in the post-pandemic landscape. Executive changes have been frequent, and in February the company brought in Rascoff, co-founder of Zillow, as CEO. While Match has stated it does not support Anson’s nominees, pressure from shareholders could continue to shape the company’s leadership and strategic decisions moving forward.
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