Prime Highlights:
Whitney Wolfe Herd, the founder of Bumble, will return as CEO in mid-March, after stepping down from the role over a year ago.
Lidiane Jones, the current CEO, is resigning for personal reasons but will continue in her role until Wolfe Herd takes over.
Wolfe Herd thanked Jones for her leadership and the strong foundation she built during her tenure.
Key Background:
Bumble founder Whitney Wolfe Herd will reclaim her position as CEO of the company in mid-March, following the resignation of current CEO Lidiane Jones, who is stepping down for personal reasons. This transition, announced on Friday, marks the end of a little over a year’s absence for Wolfe Herd from the leadership role she originally held at the dating app.
Jones, who previously led Salesforce’s cloud-based messaging platform, Slack, took over as CEO of Bumble in 2021. Under her leadership, the company has navigated significant changes, including its initial public offering (IPO). Wolfe Herd expressed gratitude for Jones’ leadership during her tenure, noting the strong foundation laid for Bumble’s future. In a statement, Wolfe Herd acknowledged, “I am deeply grateful for the transformative work Lidiane has led during such a pivotal time for Bumble.”
As Bumble continues to evolve, Wolfe Herd’s return is poised to steer the company through its next phase. Founded in 2014 by Wolfe Herd, Bumble distinguishes itself from other dating platforms by empowering women to make the first move in conversations. After going public in 2021 with an initial valuation of $7.7 billion, Bumble has seen its market cap decrease to approximately $847 million, reflecting a challenging period for the company.
Despite these challenges, Bumble indicated that it expects to report its fourth-quarter revenue figures above the midpoint of its forecasted range, with adjusted EBITDA within the disclosed outlook range. Following the announcement, Bumble’s shares experienced a modest decline of more than 1%.
In addition to the CEO change, Bumble also revealed that Ann Mather, the current lead director, will become the chair of the board of directors. Mather expressed confidence in Wolfe Herd’s leadership, stating, “We are fortunate to have a passionate and engaged founder in Whitney to drive Bumble’s vision as the company accelerates the execution of its strategy.” Wolfe Herd’s return to the helm signals a renewed focus on the company’s long-term growth and strategic initiatives, which will be closely watched as it seeks to regain momentum in a competitive market.
