Bumble (BMBL) shares experienced a significant decline in pre-market Monday after a report by the Wall Street Journal stating that CEO Whitney Wolfe Herd will be stepping down from her position.
The founder of the dating app, who initially targeted her product towards women, is set to be succeeded by Lidiane Jones, who currently serves as the Chief Executive Officer of Slack.
BMBL stock fell 7.8% on the news.
The report adds that Jones will start as CEO of Bumble on January 2. Wolfe Herd will remain at the company as executive chair.
“I want to be the person who is able to look around the corner and innovate for the future of Bumble Inc., and to take us 10 years ahead,” Wolfe Herd, told WSJ.
Bumble is scheduled to release its third-quarter financial results after the close of trading on Tuesday.