Match Group rises, adds two to board amid talks with activist investor

Match Group (NASDAQ:MTCH), owner of dating apps such as Tinder and Hinge, has added two members to its board of directors after talks with activist investor Elliott Management.

Laura Jones, Chief Marketing Officer of Instacart (CART) and former Zillow (ZG) Chief Executive Spencer Rascoff will join the company's board, effective immediately, according to a statement.

"We are pleased to welcome Laura and Spencer to the Match Group Board as part of our ongoing efforts to add skills and expertise that complement the capabilities of our existing directors and will further support the Company's long-term success," said Tom McInerney, Chairman of Match Group. "Laura has deep experience creating best-in-class marketing organizations that have shaped brands and fueled growth, and Spencer is a distinguished entrepreneur with a proven track record of building and scaling consumer internet businesses. This is a time of great opportunity for Match Group, and we believe Laura and Spencer will be additive as we deliver on our strategy to drive value."

Match shares rose 1% in premarket trading on Monday.

Elliott, which has a $1B stake in the company, said it was pleased with the decision to add Jones and Rascoff to the board.

"We believe their unique skills and perspectives will help support the Company through its next phase of growth, and we look forward to continuing our collaboration with Match Group and its management team as the Company executes on the substantial opportunity ahead," Elliott partner Marc Steinberg said.

Led by Paul Singer, Elliott has reportedly discussed ideas on how to fix the company as revenue growth has slowed.

News of the new board members comes days after it was reported that a second activist investor, Anson Funds Management, had built a stake in Match and was trying to change up the composition of its board of directors.