One-time internet giant Yahoo, which has undergone recent ownership changes and strategic pivots, announced Friday that Tinder CEO Jim Lanzone will be its new chief as the company looks for new opportunities.

When Lanzone takes over as chief executive officer on September 27, he will inherit a company that once contended to be the main global internet portal.

However, Yahoo has been gradually supplanted by titans like Google and was bought this year by private equity firm Apollo Global Management in a deal for Verizon's media properties.

Yahoo has named Tinder CEO Jim Lanzone as its new chief
Yahoo has named Tinder CEO Jim Lanzone as its new chief GETTY IMAGES NORTH AMERICA / JUSTIN SULLIVAN

"With our unique assets, resources, and lineage, we are one of the few companies positioned to tap into the many new opportunities appearing in the categories where we're strongest," Lanzone said in a statement.

Yahoo remains popular with internet users, particularly for its financial and sports news, and claims 900 million monthly users.

Lanzone, 50, takes over from Guru Gowrappan, who has been at the helm of Yahoo since 2018.

For its part Match Group, the parent company of Tinder, has chosen Renate Nyborg to succeed Lanzone. She will be Tinder's first woman CEO.