Austin-based dating app Bumble announced the resignation of its chief financial officer and the creation of a new chief business officer role amid ongoing growth challenges.
CFO Anu Subramanian said last week that she would be resigning to pursue unspecified opportunities outside of the company, according to securities filings this week. Subramanian has been with the company since 2020 and played a role in Bumble’s initial public offering in 2021. She will remain in her role until March 14. Bumble has begun looking for her successor.
Also, Chief Marketing Officer Selby Drummond will leave the company in January. She joined Bumble in 2020 as well, previously serving as its chief brand officer.
In the securities filings, Bumble announced the creation of the chief business officer role, to be held by Neil Shah. Previously, Shah was chief operating officer and head of business operations at Slack and held various strategy roles at Twitter, now X.
After the announcement, company shares fell 1.7% in early morning trading.
Earlier this year, Bumble laid off about 30% of its workforce as part of a larger restructuring plan. Bumble relaunched its namesake dating app, and the company will undergo a further strategic transformation in the coming months, one Shah will oversee.
In recent years, dating apps have lost their luster with Gen Z, the target audience for Bumble and other apps such as Tinder. According to a study by Statista, last year Gen Z made up only about 26% of dating app users, with older millennials continuing to champion online dating. Match Group — whose portfolio includes Tinder, Hinge and Match — has seen a decline in total paying users over the past year.
Bumble came under backlash earlier this year for advertising that positioned celibacy as a poor alternative to online dating. Bumble later apologized and took down the ads.
Over the past year, shares of Bumble have fallen about 40%. In quarter three, its total average revenue per paying user was down to $21.17 from $23.42 in the year earlier period. The total number of its paying users increased 10%. In its third-quarter filings, Bumble reported a net loss of $849.4 million.
In August, shares fell 30% after Bumble’s earnings report showed a cutting of its outlook and strategy reset.
Bumble did not respond to questions about Subramanian’s and Drummond’s departures or Shah’s appointment. A representative for Bumble said the only statement would be in the form of the filings and press release.
