LOV - Spark Networks CEO Chelsea Grayson steps down after end of strategic review

2023-07-11 16:53:48 ET

Spark Networks ( NASDAQ: LOV ) said on Tuesday that chief executive Chelsea Grayson had stepped down, effective July 7.

Shares of Spark Networks fell -5.5% in after hours trading.

Current chair of the board, Colleen Brown, had been appointed interim CEO. Brown is the former CEO and director of Fisher Communications.

Grayson will continue to serve as a board member and advisor to Spark, the company said in a statement .

The company said it had finished its process of evaluating strategic alternatives. As a result, the company will implement a plan to improve its margins, EBITDA and cash flow.

Spark plans to shift a substantial portion of its operations to one or more third-party managed service providers to reduce costs. It had partnered with a marketing agency to design an integrated marketing plan to drive growth.

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