Bumble to install Ithaca founders Gupta and Hegeman as co-CEOs

Ravi Gupta and John Hegeman, the co-founders and co-CEOs of Ithaca Holdings, will take over as co-CEOs of Bumble (BMBL) once Ithaca's $1.3B acquisition closes, according to the company's 13 October release. The change is not immediate. Whitney Wolfe Herd stays Founder and CEO until closing, and no closing date has been given.

The wording matters. Bumble's release says Gupta and Hegeman will 'partner closely' with Wolfe Herd, and she says: 'That is why I will remain actively involved with Bumble.' It does not say she is stepping down, and it gives her no post-close title. Business Insider calls her a 'close partner'. Describing this as a founder exit goes further than the filing does.

The DII Take

Handing Bumble's top job to two outside operators, while the founder's future role goes unspecified, is a notable choice in a release that otherwise reads as a founder-endorsed deal. The likelier reading is that the operating seat is changing hands and Wolfe Herd's role will be defined later, but Bumble has not said so. The question for Bumble's product teams is whether Ithaca's AI-led thesis translates into a product members want.

Who the new co-CEOs are

Business Insider reported that Gupta spent four years in C-suite roles at Instacart before becoming a Sequoia partner, and that Hegeman was Meta's chief revenue officer and sits on Robinhood's board. It also said they would be the first men to lead Bumble since it went public. That detail is the outlet's, not Bumble's.

Ithaca describes itself as a holding company for enduring, market-leading technology businesses. Its stated mission is applying frontier technology to renew and accelerate businesses that enrich people's lives, in a world transformed by AI. Gupta and Hegeman said in the release: 'Technology should work in service of our deepest source of fulfillment, human connection, and this investment is a bet on the future of humanity.'

Wolfe Herd's own framing is about mission. 'In Ithaca, we have found a partner who shares our vision, believes in our women-first mission, and is committed to investing in Bumble's future,' she said. Bumble will operate as a private company with offices in London, Austin and New York City, and is expected to remain based in Austin.

The business they inherit

Bumble's second-quarter 2026 results, reported on 5 August, show total revenue down 15.2% to $210.5M from $248.2M. Bumble App revenue fell 14.7% to $171.7M, while Badoo App and Other fell 17.1% to $38.8M. Total paying users fell 16.4% to 3.2 million from 3.8 million. Average revenue per paying user rose 1.2% to $21.96.

Adjusted EBITDA was $72.9M, a 34.6% margin, against $94.6M a year earlier. The net loss was $127.9M, including a $169.3M impairment charge. For the full year 2025, revenue fell 10% to $966M, according to results published in March.

The rival comparison is stark. Match Group (MTCH) reported second-quarter Hinge revenue up 22% year on year, with global monthly active users up 13%, and said Tinder's daily-active-user decline narrowed to 4%. According to Yahoo Finance's earnings-call highlights, Match's total payers fell 6% to 13.3 million, a far gentler slide than Bumble's. The new leaders are taking over the weaker trajectory of the two.

Governance, price and what comes next

An independent Special Committee chaired by board chair Ann Mather recommended the deal, and the board approved it unanimously with Wolfe Herd recused. Affiliates of Blackstone and Wolfe Herd then approved it by written consent, which supplies the required shareholder approval. Mather said the committee 'thoroughly evaluated all available paths and determined that this transaction with Ithaca represents the best outcome for our shareholders.'

Shareholders receive $6.05 per Class A share, about a 138% premium to the unaffected 9 October close. Reuters, via RTE, reported shares rose 56% to $5.95 in early trading on 13 October, after jumping 50% the previous day on media reports. We covered the terms of the deal earlier.

The 8-K sets out the exit risks. Either party may terminate if the merger has not closed by 12 July 2027. Bumble owes Ithaca a $29M termination fee in specified circumstances, while Ithaca owes Bumble a $102M parent termination fee, to be escrowed by 19 October. Closing still needs regulatory approvals and the information statement process.

Bumble will not issue an earnings release or hold a call for the third quarter, but plans to file its 10-Q by 9 November. That filing is the next chance to see how the business is trading under the pending deal, and possibly more detail on Wolfe Herd's post-close role.

Sources: Bumble Inc. to Be Acquired by Ithaca Holdings, Form 8-K Exhibit 99.1 (Bumble Inc. / SEC); Bumble Inc. to Be Acquired by Ithaca Holdings (Bumble Inc.); Bumble Inc. Form 8-K, merger agreement terms (Bumble Inc. / SEC); Bumble Inc. second quarter 2026 results, Form 8-K Exhibit 99.1 (Bumble Inc. / SEC); Match Group second quarter 2026 results, Form 8-K Exhibit 99.1 (Match Group / SEC); Bumble is swiping left on the public market, and it has 2 new male CEOs (Business Insider / AOL); Match Group Q2 2026 earnings call highlights (Yahoo Finance); Bumble set to go private in $1.3bn deal with Ithaca (RTE)