Shares of Bumble Inc. slumped Wednesday after the announcement that President Tariq Shaukat will step down from his position in September.
Shaukat will remain in an advisory role for the transition after he resigns Sept. 1, Bumble said in a regulatory filing, noting his departure is voluntary. The company said it will start a search for a replacement.
Shaukat was named Bumble’s president in 2020 and led the company through its initial public offering in 2021. He was previously an executive at Google Cloud and Caesar’s Entertainment.
“Tariq is an outstanding leader and has been an incredible partner over the last few years. He was instrumental in helping to scale Bumble into the leading global platform for kind connections,” Bumble Chief Executive Whitney Wolfe Herd said in a statement Tuesday. “We thank him for his invaluable contributions and wish him the best in his next endeavor.”
Earlier this month, Bumble’s board approved a $ 150 million share-buyback program, and forecast full-year sales above analysts’ expectations.
Bumble shares BMBL, -6.11% slid 6% on Thursday. The stock is down 27% year to date and has fallen 46% over the past 12 months.