Key Takeaways

Match Group is all about facilitating meaningful connections, and on April 7, it made a new one with longtime e-commerce executive Darrell Cavens. During its annual meeting of stockholders, Match Group announced that Cavens will join the company’s Board of Directors. 

Cavens, co-founder and CEO of Zulily, boasts 20 years of experience in e-commerce and tech. “His strategic insights into online retail, innovation, and technology infrastructure will be a valuable asset to Match Group as the company advances its strategy,” according to the company’s press release. 

But it’s no secret that the industry is in a dark age. Despite being an industry giant, Match Group’s disappointing stock performance (shares have fallen 16% over the last six months, according to Barchart) reflects a growing discontent among investors who want more out of their dating apps — and the people behind them. 

Match Group Faces Pressure From Activist Investors 

With the dating app industry in flux, it’s never been more important for industry giants like Match Group to address user concerns. The company’s CEO, Spencer Rascoff, certainly thinks Cavens will help achieve this goal. 

“As we redouble our efforts to improve the user experience, I’m eager to leverage Darrell’s deep experience as a founder of several product-focused digital companies,” he said. 

But years of experience does not always provide fresh industry insight, at least according to one Match Group investor.

Ahead of Match Group’s annual meeting of stockholders on April 4, investment group Anson Funds nominated Fumbi Chima, Laura Lee, and Kelley Morrell for election to the Board, citing concerns that Match Group’s current Board is “outdated,” “insular,” and “inadequately qualified to oversee a modern technology company primarily serving young adults.” 

Anson Funds also held up Match Group’s continued underperformance, frequent leadership changes, and reluctance to invite modern perspectives as reasons why it felt the need to nominate three new people to the Board. 

Match Group published a response to Anson Funds’ concerns the same day it announced Cavens’ appointment to the Board. 

“The Board subsequently determined that none [of Anson Funds’ nominees] brings meaningful additional skills or expertise relevant to Match Group’s strategic priorities moving forward,” according to Match Group. In a statement, the Board — without identifying Anson Funds by name — said the shareholder letter contained “inaccurate and misleading characterizations.” 

Anson Funds’ misgivings didn’t come from out of nowhere. In early March, Reuters reported an industry-wide push by activist investors — including Anson Funds, Starboard Value, and Elliott Investment Management — for Match Group’s Board to cut costs, diversify directors, and prioritize capital appreciation. 

Anson Funds may not have a huge stake (0.6%) in Match Group, but it’s one of many activist investors calling for a clearer path to financial success. In 2024, the company appointed two new directors, Laura Jones and Spencer Rascoff, following what Match Group called “constructive engagement” from Elliott Investment Management. 

Cavens’ Appointment is Connected to Match Group’s Bigger Goal to Diversify 

Cavens’ 20 years in the business may not make him the bold, uber-modern choice that Anson Funds wanted, but it does make him a diverse choice, with a nice e-commerce edge. Thomas J. McInerney, Match Group Chairman of the Board, said as such: 

“Darrell’s appointment is a part of our continuous board refreshment efforts to ensure we maintain a strong Board with a diverse skill set dedicated to effective oversight of the company’s strategy and performance to drive shareholder value,” he said in a press release. 

In his own response to his appointment, Cavens said, “Match Group has long been at the forefront of digital connections, and I am excited by the opportunity to contribute my experiences in technology, marketing, company-building and strategy to support Match Group’s future growth and create shareholder value.”

Match Group’s leadership future has, in fact, been on the company’s mind: Hesam Hosseini took over as Match Group’s COO on April 1, and Spencer Rascoff took over as CEO in February 2025.

Smaller companies inevitably look to industry giants for guidance and inspiration. If Match Group’s annual stockholders meeting was any indication, swift leadership changes and diverse industry perspectives is partly how Match Group plans to adapt to the ever-evolving world of dating. 

Change is clearly in the air at Match Group — if not in the way Anson Funds wanted.