Tinder co-founder, Sean Rad was recently demoted as the CEO of Tinder, Rolling Stone reports.

The 28-year-old co-founder who owns 10 percent stake in the company will serve as CEO of the widely popular dating app until the company's biggest stakeholder, IAC finds another CEO to replace Rad, says Rolling Stone.

Once a new CEO is found, Rad will step down. However, he will still work for the company as president and remain on its board.

During a recent interview with Forbes, Rad revealed that he disagreed with IAC's decision to demote him and instead, negotiated his new position as president once he is forced to step down.

"The board thought the best path was to bring in a CEO, thinking if we opened up the role it would attract better talent," Rad told Forbes. "I strongly disagreed."

Rad's demotion comes in the wake of a sexual harassment lawsuit filed by Tinder's former marketing VP and co-founder Whitney Wolfe, over the summer, the New York Post reports.

At the time, Wolfe accused Rad and his fellow Tinder co-founder Justin Mateen of sexually harassing her.

According to Rolling Stone, the suit alleged that Matten and Rad sent Wolfe "abusive texts and made sexist comments."

Tinder later denied Wolfe's allegations and settled the suit with Wolfe out of court in September. Mateen also resigned from the company that same month, says Rolling Stone.

Though IAC has not specified its reason for switching Tinder CEOs, a source from Forbes names Wolfe's sexual harassment lawsuit as the reason for Rad's demotion.

"If the Whitney thing didn't happen, it would be difficult for IAC to demote Sean, because they'd have a lot to answer for,"said the source. "But the lawsuit gave them an out."

Once IAC finds a new CEO for Tinder, Rad revealed that he fully intends "to get along with" his successor.

"There is no CEO coming in the door that I don't get along with," Rad told Forbes. "That would be corporate suicide."