Shares of Bumble Inc. dropped Wednesday after the statement that President Tariq Shaukat will step down from his position in September.
Shaukat will stay in an advisory function for the shift after he resigns Sept. 1, Bumble stated in a regulative filing, noting his departure is voluntary. The business stated it will begin a look for a replacement.
Shaukat was called Bumble’s president in 2020 and led the business through its going public in 2021. He was formerly an executive at Google Cloud and Caesar’s Home entertainment.
” Tariq is an impressive leader and has actually been an amazing partner over the last couple of years. He contributed in assisting to scale Bumble into the leading international platform for kind connections,” Bumble President Whitney Wolfe Herd stated in a declaration Tuesday. “We thank him for his vital contributions and want him the very best in his next undertaking.”
Previously this month, Bumble’s board authorized a $150 million share-buyback program, and projection full-year sales above experts’ expectations
Bumble shares
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moved 6% on Thursday. The stock is down 27% year to date and has actually fallen 46% over the previous 12 months.