Jan 28, 2020

Match Group CEO Mandy Ginsberg steps down

Mindy Ginsburg. Photo: Jerod Harris/Getty Images for Fortune

Mandy Ginsberg on Tuesday announced that she is stepping down as longtime CEO of Match Group, the owner of online dating sites including Match and Tinder.

Driving the news: Ginsberg told Match employees in an internal email, obtained by Axios, that her decision was more personal than professional, as a tornado had recently made her home "unlivable" and that she has had health issues, including a surgery just last Friday.

  • Ginsberg will be succeeded as CEO by Shar Dubey, currently Match Group's president and Tinder's former COO, effective March 1. The company also named Chief Financial Officer Gary Swidler as COO, saying that he'll handle both jobs.
  • The company's stock is down just over 1% in after-market trading.
  • Ginsberg's departure also comes just months before Match Group's planned spinoff from InterActiveCorp, Bloomberg notes.

Read the internal note from Ginsberg to Match employees:

Hi everyone. I am writing to let you know after 14 amazing years I will be stepping down from my role as CEO of Match Group. This has been an emotional decision, because I truly love this place and passionately believe in our mission to positively impact society by helping people find meaningful relationships.
When I started in 2006, we were just launching the second brand at Match and only 3% of relationships were from dating apps (that number is a whopping 50% today in North America and Western Europe and growing every day across the globe!). I have watched the organization transition from a 200 person business in Dallas, TX to a nearly 2,000 person organization and global dating powerhouse, including one of the most successful corporate incubations in internet history -- Tinder. We have become a $20B+ business because of the people who are reading this email. It has been the innovation, problem solving, creativity and tenacity that you have brought to work each day that has gotten us to this point. And the future is bright, especially with the announcement of an incredible new CEO at the helm.
Shar Dubey will be taking over as CEO of Match Group on March 1st. She has been an incredible partner for 14 years -- most recently acting as Match Group President -- and knows every inch of these businesses. Her instincts on growth levers are unparalleled; she has incredible command of the consumer internet space; and has the vision and experience to take this business forward. She is so well suited for this role and we won’t miss a beat during this transition. Not only is she a brilliant, analytical and action-oriented executive, but she is a great leader because she wants every single person on the team to win. And so many people who have worked for Shar have told me she is the best boss they have ever had. Now you all have the best boss. Lucky you.
So why am I leaving now? These last 4 months have been personally trying. In October, Dallas experienced a tornado that barreled through the city destroying many homes in its wake. Thankfully no one was killed, but the tornado hit my home, making it unlivable. This has definitely impacted my family. And I have had some recent health hiccups. I have been pretty public about the fact that after my mom and aunt died of ovarian cancer 15 years ago, I tested positive for the BRCA1 gene and at the time, opted for a preventative double mastectomy due to high risk of breast cancer. And 10 years later, just last Friday, I had to have another surgery due to an FDA recall of the implants, because they have been linked to cancer. It’s been a lot to handle. And while I expect to have a clean bill of health, short term I need to take care of myself and so will take some time off this year to do just that.
So, with lots of emotion, I ultimately made the decision that this is the best timing for me personally, and for the business. I’m so proud of what we’ve accomplished, and in a few months, I expect Match Group will start its next chapter as a fully independent public company. Shar is going to do great things and you will all love working for her. I will really miss the business, but I will especially miss the people. You guys have made my career here so fun and exciting. I will be on the sidelines cheering from the top of my lungs. Keep spreading the love around the globe.
Love, Mandy

Go deeper: The future of dating

Go deeper

Deep Dive: The gamification of courtship

Editor's note: This deep dive was originally published on Valentine's Day, 2019.

The gamification of courtship has gone global, from viral matchmaker shows in China to Tinder users who don't stop swiping even after finding love.

Go deeperArrowUpdated Feb 14, 2020 - Technology

Exclusive: Democrats call on dating sites to screen for sex offenders

Photo: Jakub Porzycki/NurPhoto via Getty Images

Democratic members of the House Energy & Commerce Committee are urging dating sites to more thoroughly check users against sex offender registries, raising the possibility of legislation that would force them to do so.

Why it matters: Match Group, which includes Tinder, Hinge and OKCupid, is under fire from lawmakers after a report revealed the company doesn't screen for sex offenders on its free platforms.

Work 2.0: The Evolving Social Contract

Attendees gather at the table for dinner and discussion in Davos. Photo: Dani Ammann for Axios

On Thursday evening, chief technology correspondent Ina Fried hosted an Expert Voices discussion in Davos, Switzerland. The group was tasked with exploring the changing nature of work — everything from employees' evolving expectations of their institutions, stakeholder capitalism, the rise of AI and technological job displacement.

Changing expectations

Fried asked the group about a work expectation that has gone away or changed substantially during their careers.

  • Mo Cowan, President of Global Government Affairs and Policy at GE, highlighted the shift from trust and belief in institutions; employees will challenge the institution now. "Our employees have not only found their voice but think up creative ways to amplify that voice."
  • Thomas Donilon, Chairman of the BlackRock Investment Institute, shared a changed experience "If you had a job, you thought you can have a decent life. That's not the case for the largest cohort of Americans. When you chose a profession, you had every expectation that it would always exist — that has been upended."
  • Yvonne Sonsino, Partner at Mercer, said that retirement is probably a thing of the past, "Now we are looking at how to facilitate a longer, healthier working life."

Other attendees touched on flexibility at work and bringing one's full self to their job.

  • Rajesh Mirchandani, Chief Communications Officer at the United Nations Foundation, shared how technology has made his team more flexible — they understand they need to be responsive at any time.
"Another benefit is that we as managers learn that I don't need you in the office every day if you're getting your work done. And we need to do more of that. People have jobs and they have lives and they need to be able to do both."
  • Marne Levine, Vice President of Global Partnerships, Business and Corporate Development at Facebook, similarly noted "Work cultures are saying bring your whole self to work and tools are being created to bring out your whole self at work."
  • Michael Federle, CEO at Forbes, emphasized that his most effective team members work horizontally across the organization and are aware of the full organization rather than just the vertical they work in. The flattening of organizational hierarchies is allowing the best people to show themselves early on.
Jobs of the future

The discussion then focused on jobs of the future — what these jobs look like, how the workforce gets to that point, and how society is currently doing in providing that pathway after job displacement.

  • Martin Whittaker, CEO of JUST Capital, brought up two important points:
    • "What is the obligation of the disruptor to the disrupted? What is my obligation to those displaced — do I have any or is that just progress?"
    • "There will be a premium on human creativity. We are just scratching the surface of human creativity — AI will unleash a whole new generation full of solutions and ideas."
  • Olivia Lopez, Managing Director of Partnerships at The Rockefeller Foundation, highlighted the value of people that do the work that is not valued — teachers, health care and elderly care workers — noting these are the jobs that won't be replaced, the people jobs.
  • Brian Gallagher, President and CEO of United Way Worldwide, emphasized the fact that new job systems are inaccessible for many people — people don't know where the starting point is to even become part of the new economy. "We've trained ourselves to act like systems leaders, we need to be people leaders."

Thank you Verizon for sponsoring this event.

Keep ReadingArrowJan 27, 2020