Bumble (NASDAQ:BMBL) stock is falling on Monday after the dating and social networking company announced the stepping down of CEO Whitney Wolfe Herd.
According to a press release from Bumble, founder Wolfe Herd is leaving the CEO role after creating the company in 2014. That will see her step down as the CEO of the company when the new year rolls in. After this, she will serve as the Executive Chairman of the company’s Board of Directors.
Replacing Wolfe Herd as the CEO of Bumble is Lidiane Jones. She currently serves as the CEO of Salesforce’s (NYSE:CRM) Slack messaging service. Prior to that, she held positions at Salesforce and Microsoft (NASDAQ:MSFT). Her official start date as the new CEO of Bumble is Jan. 2, 2024.
Wolfe Herd said the following about the leadership change at Bumble:
“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.”
BMBL Stock Reactions on Monday
Even with Bumble having a new CEO ready to replace Wolfe Herd, investors in BMBL stock aren’t reacting well to today’s news. That has the company’s shares falling 6.6% as of Monday morning. This comes as some 2.1 million shares change hands. To put that in perspective, the company’s daily average trading volume is just under 2 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
