The company said Monday Slack CEO Lidiane Jones will take over in January from Bumble founder Whitney Wolfe Herd who will remain executive chair.

News of the shakeup sent shares down as much as 9% to a record low Monday, though the stock recovered some losses by midday.

Wolfe Herd launched the company in 2014 after an acrimonious departure from Match Group-owned Tinder, which she had co-founded.

Bumble stood out in the industry by allowing women to make the first move. The company has faced pressure to grow due to unrest in some markets such as Eastern Europe and competition from larger rival Match.

The stock has plunged about 80% since going public in February 2021.

Analysts at Evercore said in a note they viewed the CEO's departure as a near-to-midterm headwind for business operations and a negative for overall company morale.

Bumble reports quarterly results Tuesday.