Anson Funds has formally named its slate of three director candidates in an ongoing push to overhaul the board at Match Group, the parent company of popular dating platforms Tinder, Hinge, and OkCupid, according to a report by Reuters.
The activist hedge fund has been critical of the company’s governance, accusing Match’s board of being ill-equipped to steer a modern technology company.
In a letter addressed to shareholders, Anson Funds’ portfolio manager Sagar Gupta expressed frustration with what he described as an “outdated, insular board” at Match, which he believes has hindered the company’s performance. Gupta argued that the board lacks the necessary expertise to oversee a tech-driven business, particularly in today’s fast-evolving landscape.
Anson’s proposed board nominees are: Fumbi Chima, a former senior executive at Adidas, Burberry, and Walmart; Laura Lee, who previously held roles at Amazon-owned Twitch, Google, and McKinsey; and Kelley Morrell, a former senior managing director at Blackstone.
While Anson’s stake in Match Group remains relatively small, at approximately 0.6% as of December, the hedge fund has been vocal in urging the company to reconsider its capital allocation strategy, reduce costs, and conduct a strategic review of its operations in Asia. Anson has also raised concerns over Match’s governance practices, calling for a more robust corporate strategy.
Match Group, which has faced a 10.5% decline in stock value over the past 52 weeks, has pushed back against Anson’s criticisms, dismissing some of the hedge fund’s claims as “inaccurate and misleading.” The company emphasised that its board, which it describes as possessing “deep expertise and diverse perspectives,” is actively focused on key strategic priorities aimed at driving sustainable growth and long-term shareholder value.
The upcoming election of directors at Match Group is set to be a flashpoint, with only three out of the company’s ten directors up for re-election this year, a situation that many investors have criticised. Anson, in its letter, pointed to the board’s frequent turnover of chief executive – four changes in the past five years – as evidence of poor governance and strategic instability.
Despite the escalating tensions, Anson has expressed a preference for collaboration rather than confrontation, stating that it hopes Match’s board will recognise the need for change and work with shareholders to refresh its leadership team.
