Bumble Inc (NASDAQ:BMBL) shares dropped 6% in premarket trading following the news that founder Whitney Wolfe Herd will step down as CEO.
Her successor, Lidiane Jones, comes from Salesforce-owned Slack and before that had over a decade at Microsoft.
Wolfe Herd, who launched Bumble in 2014, will continue with the company as executive chair starting January 2.
The company, known for its female-first approach in the dating app market, is part of a portfolio that includes Badoo and Fruitz and has been under pressure to expand amid regional market challenges and competition from Match Group (NASDAQ:MTCH) (MTCH.O).
This leadership transition is the second high-profile change for Bumble this year, on the heels of President Tariq Shaukat's exit.
Ahead of the bell, the stock was off 87 cents at $12.80.