Appointments Follow Constructive Engagement with Elliott Investment Management
Match Group announced today that it has appointed Laura Jones and Spencer Rascoff to the Company’s Board of Directors, effective immediately.
“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.”
“At Match Group, we are focused on continuously innovating and evolving our global platform,” said Bernard Kim, Chief Executive Officer at Match Group. “To that end, we are executing strategies to enhance performance at Tinder, continue to drive growth at Hinge and improve user experiences across our platform to meet changing needs and expectations. I look forward to collaborating with Laura, Spencer and the rest of the Board as we create value by connecting millions of people around the world in meaningful ways.”
“I’m honored to be joining the Match Group Board during this incredibly important time for the Company as it continues to evolve and address the changing needs of its customers,” said Ms. Jones. “I look forward to working with the rest of the Match Group Board and management team and bringing my global marketing and product expertise to the Company as it focuses on driving long-term user and revenue growth.”
“I’m joining the Match Group Board because of the opportunity to build on the Company’s disruptive technology and AI to evolve existing brands and build new ones,” said Mr. Rascoff. “Match Group has a strong foundation, and I am eager to accelerate the momentum underway to generate value for all stakeholders.”
The appointments followed a constructive dialogue with Elliott Investment Management, L.P. (together with its affiliates, “Elliott”), with which the Company also entered into an information-sharing agreement to facilitate ongoing collaboration toward the Board’s goal of driving sustainable value for all shareholders.
Marc Steinberg, Partner at Elliott, said, “We are one of the largest investors of Match Group today because we believe in its opportunity for significant value creation as the global leader in online dating. We appreciate the collaboration with management and the Board over the past several months, and we are confident that Laura Jones and Spencer Rascoff are strong additions 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.”
Mr. McInerney continued, “We have engaged constructively with Elliott and appreciate the feedback they have shared. We remain confident in our portfolio strategy and our ability to drive long-term sustainable growth and increase profitability.”
Match Group looks forward to continuing to engage with Elliott and all its shareholders, including at an investor day, to showcase the Company’s full management team and business prospects. The Company will provide more details on the investor day once a date for the event has been set.
About Laura Jones
Ms. Jones is the Chief Marketing Officer at Instacart, where she is responsible for shaping a cohesive brand, fueling the company’s growth and developing a world-class marketing organization. She oversees all Marketing functions encompassing brand, partner and product marketing, CRM, the Creative Studio, and the full-funnel media team spanning brand and performance. Prior to Instacart, Ms. Jones spent six years at Uber, most recently as the Global Head of Marketing for its Rides business. At Uber, she built the global product marketing team from the ground up, spanning the entire product portfolio (Rides, Eats, Freight, etc). Before Uber, Ms. Jones held various senior marketing positions at Google and Visa. Ms. Jones graduated from Dartmouth College with a Bachelor’s degree in Economics and Government and received her Masters in Business Administration from Stanford University.
About Spencer Rascoff
Mr. Rascoff co-founded Zillow and served as its CEO for a decade. During Mr. Rascoff’s time as CEO, Zillow won dozens of “best places to work” awards as it grew to over 4,500 employees, $3 billion in revenue and $10 billion in market capitalization. Prior to Zillow, Mr. Rascoff co-founded and was VP, Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Mr. Rascoff is co-founder and Chair of Pacaso, a marketplace for vacation home ownership, as well as founder of several early-stage startups. Mr. Rascoff is an angel investor in more than 50 companies through his startup studio and venture capital firm, 75 & Sunny Ventures. Mr. Rascoff is also a visiting professor at Harvard where he teaches classes on entrepreneurship and startups. Mr. Rascoff graduated from Harvard University with a Bachelor’s degree in Government.