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Tinder CEO is stepping down

Sean Rad, co-founder and CEO of dating app Tinder, is stepping down from his post.

The announcement comes after Whitney Wolfe, a co-founder of the app, accused Rad and Justin Mateen, Tinder's previous Chief Marketing Officer, of sexual harassment. Mateen resigned before the suit was settled in September.

IAC, a majority owner of Tinder and one of its parent companies, is reportedly looking for "an Eric Schmidt-like person" to replace Rad as the company's chief executive. Rad will stay on Tinder's board and will act as president when Tinder hires a new CEO. Until a replacement is named, Rad will remain the company's acting chief executive.