Whitney Wolfe Herd, the founder of Bumble, a popular dating app, is set to step down as CEO after nearly a decade of leading the company.

Lidiane Jones, the current CEO of Slack and a seasoned tech executive, will assume the role starting January 2, 2023.

Wolfe Herd will transition to the position of Executive Chair while remaining actively involved in the company.

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Wolfe Herd, who co-founded Tinder before launching Bumble, introduced the app with a unique approach, empowering women to make the first move in the online dating space.

Over the years, Bumble has expanded its portfolio to include apps like Badoo and Fruitz, with features facilitating connections beyond romantic relationships.

The leadership change comes as Bumble faces challenges, reflected in its stock performance since its initial public offering in 2021.

Despite initial success that made Wolfe Herd one of the youngest self-made female billionaires, Bumble’s share price has declined by over 80%, currently trading below $14.

The company is expected to report earnings for the September quarter, with concerns about consumer spending on dating apps amid economic uncertainties.

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Lidiane Jones, known for her extensive experience in technology, previously served in executive roles at Salesforce and Sonos.

She joined Slack as CEO in December 2022. Jones expressed her commitment to Bumble’s mission of promoting equality, integrity, and kindness.