May 22 (Reuters) - Tinder CEO Faye Iosotaluno said on

Thursday that she would step down in July, as the dating app

aims to attract more users.

Iosotaluno, who has led Tinder since January 2024, oversaw

the dating platform's increased focus on personalization through

deeper integration of artificial intelligence into its

recommendation system.

Tinder parent Match Group's ( MTCH ) CEO, Spencer Rascoff,

in a LinkedIn post said he would step in to lead the Tinder

team.

"Tinder is in great hands with Spencer and the leadership

team," Iosotaluno said in her LinkedIn post, where she announced

her departure.

Rascoff was appointed Match CEO in February, with a focus on

tackling a slowdown in user engagement.

Match earlier this month reported a 5% fall in paying users

during the first quarter.

The company also announced plans to cut 13% of its workforce

as part of Rascoff's turnaround strategy.

The online dating industry has been facing challenges, with

ongoing inflation, a shortage of innovative features, and market

stagnation drawing users away from popular dating apps such as

Tinder and Bumble.