Tinder-parent Match names insider Steven Bailey as new CFO

(Reuters) -Match Group said on Monday Steven Bailey will take over as its new finance chief early next year, adding that the move underscores the company’s focus on driving long-term strategic growth and strong cost discipline.

Bailey will replace incumbent Gary Swidler, who has been in the role for nearly a decade, on March 31. Swidler would, however, continue as the president of Match.

Bailey joined Match in 2012 and is currently the senior vice president of financial planning and business operations.

In its most recent results, Match forecast third-quarter revenue below Wall Street expectations as people dial back spending on dating apps, weighing on user growth.

Paying Tinder users declined 8% to 9.6 million in the second quarter, compared with a 9% fall in the prior quarter.

Match also faced delays in the launch of new features for key apps such as Tinder and has tried to turn around its business by rolling out new subscriptions and app updates.

In January, it appointed insider Faye Iosotaluno as the new CEO for Tinder, a day after the Wall Street Journal first reported that Elliott Investment Management had built a roughly $1 billion stake in the company.

Match has come under immense pressure from activist investors such as Starboard Value, Elliott and Anson Funds Management, who have been pushing for changes due to a post-pandemic slowdown in growth.

In July, Starboard built a 6.6% stake in Match and urged the dating app operator to explore a sale if it was unable to revitalize its business.