For those who pay close attention to news affecting publicly owned companies that operate dating sites the news that Spark Networks had a new board of directors elected should come as no big shock. However, for others this news may come as a big surprise.
As the single largest shareholder at 14.2 percent, Osmium hedge fund lead the charge to have new board elected and made true on their promise Wednesday.
At the heart of the matter was poor financial performance as well as large compensation packages for some executives of Spark Networks.
The ticker symbol for the site is LOV. Investors though clearly were out of LOV with the majority of the former board of directors and CEO.
The NY Post, where I first read the story documents for others how you can lose your job if you don’t perform well for investors (the bosses); news I always love to read!
Also, I would just share that the two largest dating sites operated by Spark Networks are wonderful dating sites and leaders in their respective niches. You can read the full reviews for JDate here and reviews for ChristianMingle here.
For the record we are affiliate partners of both and have nothing but great things to say about the Director of Marketing.
Full story: NY Post article on new board at Spark Networks