By Denny Jacob
The pressure campaign on Match Group continues.
Activist investor Anson Funds Management said Friday it has nominated Fumbi Chima, Laura Lee and Kelley Morrell for election at the online dating company's annual shareholder meeting.
Anson, one of three known activists with a stake in Match, in a letter to the company's shareholders said while there is a way for Match to grow through a better product, its long-term underperformance was a product of poor corporate governance and board oversight.
"We believe Match's outdated, insular board with deep interlockings is inadequately qualified to oversee a modern technology company primarily serving young adults," said Sagar Gupta, portfolio manager at Anson leading its activism strategy.
Match, which is also dealing with Starboard Value and Elliott Investment Management, didn't immediately respond to a request for comment.
Match's stock soared during the pandemic, reaching an all-time high of $175.53 in October 2021. Shares have plummeted since and currently trade closer to $30.
Anson in its letter highlighted connections members of the board have with each other going back to IAC, which Match spun off from around five years ago, and other firms. The activist also pointed to a revolving door of CEOs in recent years, most recently illustrated by the appointment of Spencer Rascoff in February.
"After numerous attempts to constructively engage with the board, we have been left with no choice but to publicly pursue refreshment through replacement," said Anson, but added that it remains open to collaboration in the interest of all shareholders.
Chima's experience includes serving as chief technology officer and chief information officer roles at Adidas AG and Walmart. Lee, CEO of O Type, has worked at Amazon.com-owned Twitch and consulting giant McKinsey. Morrell most recently served as chief financial officer at food delivery company Wonder Group.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 04, 2025 10:26 ET (14:26 GMT)
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