![]() ![]() Since IAC owned the majority of that company, it maintained a majority ownership in Tinder when Hatch shuttered in 2013. ![]() Rad has only a 10 percent share in the company because he was a paid employee of a tech incubator called Hatch Labs when the app was developed. “I strongly disagreed.” He attempted to dissuade IAC of stripping him of the title and eventually negotiated his current position. “The board thought the best path was to bring in a CEO, thinking if we opened up the role it would attract better talent,” Rad told Forbes. IAC made the decision with the intention of having Rad focus more on Tinder as a product, a smartphone app that simplifies dating by allowing people to view prospective dates and either swipe left, rejecting them, or right, potentially opening themselves up to a connection if that person also swipes right on their photo. “There is no CEO coming in the door that I don’t get along with,” Rad told the magazine. It seems the dating app’s majority stakeholder, media and technology IAC, has swiped left – but not all the way: The 28-year-old, who has a 10 percent stake in the company, will now serve as Tinder’s president and remain on its board, according to Forbes. Tinder co-founder Sean Rad has been relieved of his post as the company’s CEO, though he will maintain the position until the company selects his replacement.
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