Match Group Inc. MTCH -0.46% Chief Executive Mandy Ginsberg is stepping down as she faces challenges in her personal life, according to an internal memo, marking a leadership change at the dating app-company months before its planned spinoff.
In October, a tornado hit Ms. Ginsberg’s home in Dallas, and last week she underwent surgery. She expects to recover fully, according to the letter.
Match Group is promoting current President Shar Dubey to be its next CEO. Ms. Dubey assumes her new role on March 1 at Match Group, which owns online-dating sites Tinder, Hinge, Match and others. Ms. Dubey previously served as chief operating officer at Tinder, where she oversaw the team that launched Tinder Gold, the company’s most successful monetization feature.
Tinder is also Match Group’s most popular property, accounting for more than half of its 9.6 million subscribers reported at the end of the third quarter. The company reports fourth-quarter earnings Feb. 5.
The leadership change comes ahead of Match Group’s spinoff as an independent public company in the next few months. In October, IAC/InterActiveCorp. IAC -0.10% said that it had made a proposal to spin off its majority interest in the online-dating giant to its shareholders. IAC holds a roughly 83% stake in the dating-site operator.
Ms. Ginsberg, 50 years old, served at Match Group for 14 years and was promoted to CEO in 2017. She oversaw a period of tremendous subscriber and revenue growth, although the company’s stock dropped 16% in the third quarter after revenue missed analysts’ estimates. The value of Match Group’s stock more than quadrupled during Ms. Ginsberg’s tenure and recently climbed to a record.
“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!)” Ms. Ginsberg said in her letter to employees. “And the future is bright, especially with the announcement of an incredible new CEO at the helm.”
In the letter, Ms. Ginsberg said she is leaving now because the last four months have been personally trying. In October, the tornado left her Dallas home unlivable, and she also has experienced what she called “health hiccups.” After her mother and aunt died of ovarian cancer 15 years ago, she wrote, she tested positive for the BRCA1 gene and opted for a preventive double mastectomy due to high risk of breast cancer, according to the memo.
It is unusual for top executives to be so open about their health challenges. Ms. Ginsberg has discussed the BRCA1 gene and her preventative double mastectomy with employees in depth over the years, according to people familiar with the matter.
More recently she learned the implants she received are linked to cancer, and last Friday underwent another surgery due to a recall of the implants. “It’s been a lot to handle,” she said in the letter. “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.”
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