He will instead focus on investments for the parent company.
Tinder gets a new CEO—again.
The popular dating apps said on Thursday that Sean Rad, the company’s co-founder, is stepping down as chief executive. He will trade jobs with Tinder’s current chairman, Gregg Blatt, who is also CEO and chairman of Tinder’s parent company, Match Group. Match Group is owned by Barry Diller’s IAC/InterActiveCorp.
Rad is stepping away from Tinder’s day-to-day operations so he can focus on Swipe Ventures, an investment vehicle inside Match Group. (The nod to Tinder’s “swiping” interface is hard to miss.)
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“Swipe Ventures will continue to grow Tinder’s reach through acquisitions, investment opportunities, and development of new businesses—with a focus on the dating and broader social spaces,” the company said in a blog post. Tinder has already acquired startups like Tappy and Humin that make social apps, and recently invested in Hey!Vina, a social network that lets women make female friends.
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This isn’t Rad’s first time giving up the CEO title at Tinder. In late 2014, he was pushed out, and the company hired former eBay and Microsoft executive Chris Payne. But by August 2015, Rad was back in the CEO seat.
In 2011, Rad helped found Tinder, which quickly gained popularity among college students. Its parent company, Match Group, which own other dating networks, went public in November 2015.