Sean Rad, cofounder and CEO of Tinder, is stepping down.
A report by Forbes said Mr Rad was going to stay on as CEO until the company finds a so-called "Eric Schmidt-like person".
The report said IAC, Tinder's largest stakeholder, was looking for an adult CEO to replace Rad, who has had a tumultuous year.
It's reported that Tinder's recent sexual harassment lawsuit was also to blame for his downfall.
Tinder's ousted cofounder Whitney Wolfe accused Mr Rad, as well as cofounder Justin Mateen, of sexually harassing her.
The suit was settled in September.
The demotion comes as Tinder launches an aggressive new monetization initiative for the dating service.
The premium service will be an option on top of the otherwise free application and is the company's first attempt to generate cash flow from the service.
