Bumble cofounder Whitney Wolfe Herd will step down as the dating app company’s chief executive, the firm announced on November 6th, as the former billionaire Wolfe Herd slides into a new role while Bumble’s growing pains as a public company continue.

Formerly the youngest self-made female billionaire ever, the firm announced on November 6th that Wolfe Herd will exit her current post as chief executive and become Bumble’s executive chairwoman on January 2nd.

The move follows an extended slide for Bumble stock since the company’s initial public offering in February 2021. At that time, the dating app held a nearly $9 billion valuation. But at Friday’s market close, Bumble’s $13.67 share price was 83% below its all-time high of $78.89, achieved in its first week of trading.

Stepping in as CEO will be Lidiane Jones, who currently serves in the same capacity at workplace messaging service, Slack.

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