Spark Networks have announced Michael S. Egan as their new CEO.
Egan previously headed up the Home, Careers, Money and Health Divisions at Internet Brands Inc., along with a number of other roles since 2008.
Prior to this he worked at Yahoo from 2003, in executive roles such as Senior Director of Business Lead and Sponsored Search and Mobile.
Egan said that “the resumption of growth is a key objective for the company’s online communities in 2015, and I look forward to working with the Company’s dedicated employees to bring innovative products, content, and personalized experiences to users around the world.”
Current Executive Chairman Michael J. McConnell will step down on 2nd January 2015, but will continue as chairman of the board.
In addition to Egan’s appointment, Spark Networks have added the former CEO of thinkorswim, Lee K. Barba, to the board.
Barba was both CEO and chairman of the live brokerage and online investor education service, which was acquired by TD Ameritrade in 2009.
John Lewis, Managing Partner at Osmium Partners, said: “As a former investor in thinkorswim, I have seen firsthand what Lee can accomplish as an intense, data-driven operator.
“Lee, as CEO and Chairman of thinkorswim, more than quadrupled revenues while increasing operating cash flows from $7 million to nearly $60 million, culminating in a successful sale of the company to TD Ameritrade in 2009.”
Former CEO Greg Liberman left the company – which owns JDate and Christian Mingle – back in August, following a board takeover by Osmium.
Controlling partner Osmium were unhappy with Liberman’s leadership, saying Spark’s market cap had declined 25%, annual growth was only 2.8%, and the company had tried to cover this with huge marketing expenses, which as a percentage of revenue grew from 27% in 2009, to 75% in 2013.