Bumble (NASDAQ:BMBL) shares dropped more than 8% intra-day today following the company's disclosure that President Tariq Shaukat will step down after three years.

Shaukat's departure will be effective from September 1, 2023, and he will transition to an advisory role during that period. The resignation, as stated in the SEC filing, is voluntary and not due to any disagreement with the company.

Analysts at Evercore ISI reacted to the news, considering it a negative development for Bumble. They believe Shaukat played a crucial role, especially in international market expansion and product launches, making his departure incrementally negative for the company.