The CEO of Tinder Sean Rad is stepping down to run a new acquisition and investment vehicle called Swipe Ventures.
The new venture will look to “expand Tinder’s footprint through acquisitions, development of new businesses and investments in new and existing businesses” within the dating and social space.
With the move, Sean Rad will become the Chairman of Tinder and Swipe Ventures, while Match Group CEO Greg Blatt will assume the position of Tinder CEO.
In 2014, Rad lost the position of Tinder CEO, being replaced by former eBay executive Chris Payne, who was later turfed out of the company six months later.
Rad then regained the position in August 2015 and has led the company through a very successful period for the online dating app.
Speaking about the move, Rad said: “There is so much untapped opportunity in our space. My new role allows me to continue to contribute meaningfully to the overall strategy of Tinder, while expanding Tinder’s footprint through Swipe Ventures.
“Greg is absolutely the right person to continue to drive Tinder’s growth given his experience operating businesses at scale and his deep understanding of our business. We have worked closely together for a long time, and I’m incredibly excited about this next phase of our partnership.”
Swipe Ventures, led by Sean Rad, will be tasked with creating value “beyond the walls” of the Match Group’s existing businesses.
The company said these projects may either be incorporated into Tinder, or remain standalone ventures.
The changes, which are effective immediate, put Greg Blatt in an even more powerful position in the dating business, now holding the positions of Tinder CEO, as well as Chairman and CEO of Match Group.
Blatt said: “A growth company like Tinder often requires operational and structural changes as it evolves through its multiple stages of development. This new configuration will allow Tinder to capture its full potential.
“I’m confident that the incredible leadership we have throughout the rest of Match Group gives me the ability to devote more time to Tinder without our other businesses missing a beat.”
Read more about Swipe Ventures here.