Match Group replaces CEO Bernard Kim with Spencer Rascoff

Match Group has appointed Spencer Rascoff, co-founder of Zillow, as its new CEO, succeeding Bernard Kim, who struggled to halt a decline in subscribers for Tinder. Rascoff's appointment follows pressure from activist investors aiming for a more aggressive turnaround strategy. Despite a slight increase in fourth-quarter earnings, the company issued a bleak revenue forecast for the first quarter, leading to an 8% drop in shares after the announcement. Analysts had anticipated a stronger outlook, but Match Group's guidance fell short, indicating ongoing challenges in user engagement across its dating platforms. Rascoff aims to leverage AI-driven initiatives to enhance user experience and attract younger demographics. The company faces stiff competition from rivals like Bumble and social media platforms, highlighting the need for innovative features to revive growth.