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Bumble Face Drop In Shares After CEO Quits
Whitney Wolfe Herd, the founder and CEO of the Bumble dating app, is stepping down from her role. Lidiane Jones, a seasoned executive, will take over the role. However, on Monday, the company?s shares dropped down 10% to a record low.
Lidiane Jones is currently the CEO of Slack (owned by Salesforce). She also held senior roles at Microsoft for more than twelve years. Currently, she will take over the CEO?s role at Bumble on January 2, 2024. On the other hand, Wolfe Herd will remain as the executive chair.
However, many analysts consider Wolfe Herd?s departure as negative for the company?s morale. Apart from that, in 2023, this was the company?s second big departure following the exit of President Tariq Shaukat. Shaukat stepped down from the role after three years.
According to Reuters.com,
?Wolfe Herd, 33, launched the company in 2014 after an acrimonious departure from Match Group-owned rival app Tinder, which she had co-founded. Bumble’s eponymous app stood out in the industry by allowing women to make the first move.?
Bumble?s portfolio of dating services consists of Friends, Badoo, Fruitz, and Official. In recent times, it has faced much pressure to grow due to competition from Match, which is a larger rival, and unrest in markets like Eastern Europe.
In 2021, Bumble raised more than $2 billion in its initial public offering. This helped to build the momentum for internet-based dating services, despite curbs due to the pandemic. Due to various tailwinds, the value of the stock slipped almost four-fifths. By today, Bumble will report its third-quarter results.
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