The founder of dating app Momo Inc., sometimes called the Tinder of China, is breaking up with his 10-year-old company.
Tang Yan, who founded Momo nearly a decade ago, will step down from his position as company CEO and hand over the reins to chief operating officer Wang Li, endorsing the successor in a press release Friday. “I can think of no one better to lead Momo than Li Wang,” he said.
This news comes as no surprise to Momo’s staff, who told Caixin that Tang has been removing himself from the company’s day-to-day business and handing over his duties to Wang since 2017.
Some say the entrepreneur appears to be abandoning a ship that has failed to reverse a long-term downward profit trend, which also saw its U.S.-listed stock lose more than half its value over the past year.
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