In a surprising move, Whitney Wolfe Herd, founder of the popular online dating and networking app, will be stepping down from her role as CEO of the company. She will be succeeded by Lidiane Jones, the current CEO of instant messaging service Slack. The leadership change will take effect in January 2024.
“It’s a monumental moment, one that has taken a great deal of time, consideration and care, for me to pass the baton to a leader and a woman I deeply respect. This move to Executive Chair gives me the ability to step forward into a new and exciting role, get back to my founder roots and bring immense passion and focus to this next chapter of growth,”” Wolfe Herd said.
According to reports, Bumble’s stock price plummeted by 10 per cent, hitting a record low of $12.29, following the announcement of Wolfe Herd’s departure.
Wolfe Herd, who co-founded Bumble with Andrey Andreev, the billionaire founder of the European dating app Badoo, briefly held the title of America’s youngest self-made woman billionaire at the age of 31 when the company went public in February 2021.
Bumble, once valued at over $20 billion, has suffered a significant decline in its stock price since its initial public offering. The company’s current market capitalization stands at $2.7 billion.
In a statement, Bumble acknowledged the company’s achievements under Wolfe Herd’s leadership, highlighting its success in becoming one of the world’s leading networking apps and establishing itself as a global brand that champions women’s online safety.
Wolfe Herd founded Bumble in 2014 with the goal of creating an empowering online dating space for women.
“Under Wolfe Herd’s leadership, Bumble has become one of the world’s leading networking apps, enabling members to connect with confidence whether dating, networking or meeting friends online. Bumble Inc. has also become known as a global brand that champions women’s safety online,” the company said in statement.
Wolfe Herd’s personal wealth, estimated at $510 million according to Forbes, is largely tied to her 17 per cent stake in Bumble. Prior to founding Bumble, she was part of the team that launched Match Group’s Tinder app. However, she left the company following reported tensions with another executive, with whom she was also romantically involved.
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