President says the laggard app it bought in 2018 keeps possibility stronger increases after the previous departure of its creator
Many may know matchmaking app Momo Inc. (Nasdaq: MOMO) for its moniker as “Tinder of China,” due to its major function as a location for those to get together on the web. But a much better comparison of late might be to a household in chaos, after interior variations that began with last year’s ceding from the CEO subject by founder Tang Yan, exactly who continues to be as president.
Today we are discovering that Tang’s move from Chief Executive Officer’s office got only the start of a much bigger shakeup. That shakeup advertised brand-new sufferers in April with the departure of Chief Executive Officer and COO associated with the Tantan application that Momo acquired for $760 million in 2018.
The deviation regarding the set had initial been rumored about monthly in the past. But Momo’s latest CEO Wang Li, previously Momo’s longtime COO just who got over after Tang’s deviation through the role final October, affirmed the alterations on top of Tantan on company’s action-packed investor telephone call adopting the discharge of the quarterly earnings recently.
This sort of housecleaning ended up being most likely needed for a while at Momo, which was a significant underperformer as it when passionate dealers as an earlier adopter of location-based providers (LBS) because of its key Momo software.