Faltering Messaging App Unicorn Tango Gets A New CEO To Turn Things Around
Summary
“I’ve served as a founder and CEO for over 28 years — half of my life -– and I believe it is time for me to pass the torch to the younger generation — a generation with bright leaders and a bright future.” Setton said that Raz, a serial entrepreneur who founded AppStream (sold to Symantec) and Dyyno, is taking a less active role as Executive Chairman in order to make more time for his family, which is based in his native Israel. However, it’s impossible to ignore that the change comes just weeks after an explosive report into unrest at Tango — which become a unicorn when Alibaba lead its $280 million Series D round in 2014. While neither Tango nor Access Industries ever confirmed the deal — Setton declined to comment when we asked him this week — we know that the transaction took place because the FTC last year filed charges against Blavatnik for it. While WeChat owns China, Kakao Talk dominates South Korea, Line is big in swathes of Asia and WhatsApp closes in on one billion active users, the U.S. market is still without a single winner. TechCrunch understands from a source close to the board that Tango has approved plans to shutter the company’s office in Beijing, China, which — when carried out — will result in an additional 40 layoffs.