eHarmony, the private Pasadena company that seeks to hook up couples, has appointed its founding investor, Greg Waldorf, as interim chief executive officer.
He’s the third CEO this year. The company announced Waldorf’s appointment in late March, at least according to its Web site, and few seemed to have noticed. Gone missing from the company’s press releases, however, is the announcement that Jaynie M. Studenmund had been appointed CEO as recently as January.
So what is going on at this company, which is reportedly seeing great momentum, enjoying well over $100 million in revenue per year, and comfortably profitable? Some wags were saying it was even ready for an IPO.
We reached Greg this morning. A former VC with Charles River here in Silicon Valley, he still lives here. But this morning, he was getting on the plane down to LA for his weekly stint at eHarmony. He said Studenmund’s exit from CEO was an unfortunate turn. He said Studenmund, a board member until her appointment to CEO, seemed like a great candidate at the time. But shortly after being appointed, she said it was “not a good fit,” Waldorf explained. “Isn’t that a bit odd?”, we asked. Waldorf wouldn’t explain further. He said he will be CEO for approximately the next six months, until the company finds someone else.
How about IPO plans? He said they weren’t immediately in the cards. The company’s private investors are patient, he reported. The CEO search comes first, and the company can get ready on its own time, he said, adding: “Being public is not for the faint of heart.”