Bumble (BMBL) sharesܫ tumbled as the operator of the woman-focused dating app announced that founder Whitney Wolfe Herd would be stepping down as CEO, efಞfective January 2.

The company indicated that she will be replaced by Lidiane Jones, currently the CEO of Salesforce-owned messaging site Slack. Wolfe Herd will become executive chair.

Bumble Chair Ann Mather explained that Wolfe Herd and the board have been “focused on a thoughtful and deliberate succession plan for quite some time.” Mather said that the company is pleased with the choice of Jones, adding that she has “broad and multidisciplinary expertise - ranging from product devel𒆙opment, to machine learning, to marketing to customer experience,” as Bumble continues to “innovate and invest in its products and technology.”

Bumble, which launched in 2014 by tꦕhen-24-year-old Wolfe Herd, is the parent of its namesake dating site as wel💫l as networking apps Bumble for Friends, Badoo, Fruitz, and Official.

The company began publicly trading in February 2021, and shares jumped to more than $78 each. However, they began a steady retreat, hitting an all-time low the beginning of this month and traded near that level today.  The stock closed Monday's session down 4.4% at $13.07.