Match Group CLO Departs; Board & Compensation Changes
Ticker: MTCH · Form: 8-K · Filed: Oct 7, 2024 · CIK: 891103
Sentiment: neutral
Topics: executive-departure, board-changes, officer-compensation
Related Tickers: MTCH
TL;DR
Match Group's CLO is out, new directors in. Keep an eye on strategy shifts.
AI Summary
Match Group, Inc. announced on October 6, 2024, the departure of its Chief Legal Officer, Jared Grusd. The company also reported on the election of new directors and adjustments to compensatory arrangements for certain officers. This filing is a current report under the Securities Exchange Act of 1934.
Why It Matters
Changes in key executive positions and board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Executive departures and board changes can introduce uncertainty regarding leadership stability and strategic direction.
Key Numbers
- 001-34148 — SEC File Number (Identifies the company's filings with the SEC.)
Key Players & Entities
- Match Group, Inc. (company) — Registrant
- Jared Grusd (person) — Chief Legal Officer (departing)
- October 6, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 59-2712887 (identifier) — IRS Number
FAQ
Who is replacing Jared Grusd as Chief Legal Officer?
The filing does not specify who will replace Jared Grusd as Chief Legal Officer.
What are the reasons for Jared Grusd's departure?
The filing states Jared Grusd's departure but does not provide specific reasons.
When was the earliest event reported in this filing?
The earliest event reported in this filing occurred on October 6, 2024.
What other items are covered in this 8-K filing besides the officer departure?
This filing also covers the election of directors and compensatory arrangements of certain officers.
Under which section of the Securities Exchange Act is this report filed?
This report is filed pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934.
Filing Stats: 1,411 words · 6 min read · ~5 pages · Grade level 11.8 · Accepted 2024-10-07 16:30:43
Key Financial Figures
- $0.001 M — ch registered Common Stock, par value $0.001 MTCH The Nasdaq Stock Market LLC (Nas
- $475,000 — to receive (i) an annual base salary of $475,000, (ii) discretionary annual cash bonuses
- $1,875,000 — f the Company, with a value at grant of $1,875,000, vesting in three equal installments on
Filing Documents
- tm2425675d1_8k.htm (8-K) — 40KB
- tm2425675d1_ex10-1.htm (EX-10.1) — 129KB
- tm2425675d1_ex10-2.htm (EX-10.2) — 14KB
- 0001104659-24-106687.txt ( ) — 393KB
- mtch-20241006.xsd (EX-101.SCH) — 3KB
- mtch-20241006_lab.xml (EX-101.LAB) — 33KB
- mtch-20241006_pre.xml (EX-101.PRE) — 22KB
- tm2425675d1_8k_htm.xml (XML) — 3KB
02. Departure of Directors
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. CFO Appointment On October 6, 2024, the Board of Directors (the "Board") of Match Group, Inc. (the "Company") appointed Steven Bailey as the Company's Chief Financial Officer, effective March 1, 2025 (the "Effective Date"). Consistent with the foregoing, Mr. Bailey will assume the role of principal financial officer of the Company, succeeding Gary Swidler in such role, effective on the Effective Date. Mr. Swidler will continue to serve as President of the Company following Mr. Bailey's appointment as Chief Financial Officer. Mr. Bailey, age 42, has served as the Company's Senior Vice President, Financial Planning & Business Operations since February 2022. Prior to that, he held positions of increasing responsibility with the Company since 2012, including Chief Financial Officer, Match Group Americas, from February 2021 to January 2022; Senior Vice President, Finance & Business Operations, Match Group Americas, from February 2018 to January 2021; and VP, Finance, Match Group Americas, from February 2016 to January 2018. Prior to joining the Company, Mr. Bailey served as Manager, Financial Planning & Analysis, for Dow Jones from 2011 to 2012. Mr. Bailey began his career serving in various finance and operations roles for Heritage Building Group from 2004 to 2011. He received an MBA in Finance from Lehigh University and a BA in Finance from Bloomsburg University. There are no arrangements or understandings between Mr. Bailey and any other person pursuant to which Mr. Bailey was selected as an officer. There are no transactions in which Mr. Bailey has an interest requiring disclosure under Item 404(a) of Regulation S-K. CFO Employment Agreement In connection with the appointment of Mr. Bailey as the Company's Chief Financial Officer, the Company entered into an employment agreement with Mr. Bailey (the "Ba
01. Financial Statements
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Employment Agreement between Match Group, Inc. and Steven Bailey, dated October 7, 2024. 10.2 Second Amendment to the Amended and Restated Employment Agreement between the Company and Mr. Swidler, dated October 7, 2024. 104 Inline XBRL for the cover page of this Current Report on Form 8-K SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MATCH GROUP, INC. By: /s/ Sean Edgett Sean Edgett Chief Legal Officer and Secretary Date: October 7, 2024