Shares of Bumble (BMBL), the popular dating app known for its focus on empowering women, experienced a decline on Monday as the company announced the departure of CEO Whitney Wolfe Herd after nearly 10 years at the helm. Herd, who also co-founded Tinder, established Bumble in 2014 with the goal of revolutionizing relationships. Taking over the role on January 2nd will be Lidiane Jones, the current CEO of Slack Technologies, a Salesforce (CRM) company.
Embracing this significant milestone, Wolfe Herd expressed, “It’s a momentous occasion that required thoughtful consideration. I am passing the baton to a leader and a woman whom I deeply respect.” Moving forward, Wolfe Herd will assume the position of Bumble’s executive chair.
While Bumble stock experienced a strong surge on Thursday and Friday, it saw a more than 6% decline to $12.83 in premarket trading on Monday. This year alone, shares of the Austin-based company have dipped 35%.
In the second quarter, Bumble reported a profit of five cents per share, surpassing analysts’ expectations for four cents. For the first and fourth quarters, losses of one cent and 85 cents were reported, respectively, with analysts predicting a break-even performance for both quarters.
Investors await Bumble’s third-quarter earnings report, scheduled for release after the market closes on Tuesday.
