Bumble Founder's Exit Causes Share Drop and CEO Transition

Bumble founder Whitney Wolfe Herd will step down as CEO of the dating apps operator and hand over the role to Lidiane Jones, the CEO of Salesforce-owned Slack. This news caused Bumble's shares to drop 10%. Wolfe Herd will remain as executive chair while Jones takes over on January 2. Analysts view Wolfe Herd's departure as a near-to-midterm headwind for business operations and a negative for overall company morale. This is the second big executive departure at Bumble this year. Bumble has faced pressure to grow and expand beyond dating use cases, and its stock value has slipped since its IPO in February 2021.