Bumble Can't Fumble This Handoff
It's always tricky when a founder/CEO steps down, and it's clear that the market had its concerns when Bumble (NASDAQ: BMBL) announced that the online dating app's creator, Whitney Wolfe Herd, would be transitioning out of the top post on Monday. The stock took a 4% hit on the news.
Wolfe Herd isn't walking away completely from the company she founded. She will continue to be a director, becoming the board's executive chair when she steps down as CEO in early January. Her replacement will be Lidiane Jones, who has been CEO of Slack for the past year. Despite the market's initial reaction, Jones seems like a smart hire. Let's get there, but first let's turn to Wolfe Herd's success over the past decade and the challenges facing the online dating industry.
If there is ever a Hall of Fame for dating apps, it's fair to say that Wolfe Herd would be a first ballot shoo-in. She was part of the Tinder founders team in 2012, the disruptive leader in this niche that would eventually be acquired by Match Group (NASDAQ: MTCH). She left Tinder to launch Bumble two years later.
Source Fool.com
