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Former eBay Inc (EBAY) Exec Now Tinder’s CEO

Former eBay Inc (NASDAQ:EBAY) executive Chris Payne has been named by Tinder as its new chief executive, according to a report from The New York Times’ Bits blog.

Payne, who previously ran eBay Inc (NASDAQ:EBAY)’s North America operations, replaces Sean Rad, Tinder’s co-founder and former CEO. Before joining the web commerce giant, Payne also worked at Microsoft Corporation (NASDAQ:MSFT) and, Inc. (NASDAQ:AMZN). Payne joined eBay in 2009 after Positronic, a company he co-founded, was acquired by the internet commerce giant.

While the former eBay Inc (NASDAQ:EBAY) executive will now be running the location-based social matchmaking app, Rad will still be involved with the company as its president and member of the Board of Directors.

eBay, Tinder, is EBAY a good stock to buy, Chris Payne, Sean Rad,

Tinder has been looking for a new CEO for over four months. 2014 saw the application gain more traction but also hit by controversy.

Last year, Rad, along with Tinder co-founder and former Chief Marketing Officer Justin Mateen, were named in a sexual harassment lawsuit filed by fellow co-founder Whitney Wolf. The suit also named majority stakeholder IAC/InterActiveCorp. Mateen has left the company while Tinder settled the lawsuit last fall.

The appointment of Payne as the CEO of Tinder comes as the company is gearing up to better monetize its service. Tinder recently launched Tinder Plus, a paid version of the app replete with more features. The former eBay Inc (NASDAQ:EBAY) executive is expected to spearhead the improvement of the company’s monetization plan.

In a statement to TechCrunch, Rad said that he has been looking for a partner for a long time. He also said that Payne’s experience, coupled with his respect for product as the center of everything, will help them rapidly scale.

William B. Gray’s Orbis Investment Management owned about 17.64 eBay Inc (NASDAQ:EBAY) shares by the end of 2014’s December quarter. The stake increased 8% quarter over quarter.

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