(Bloomberg) -- Bumble Inc. President Tariq Shaukat is stepping down, and the dating app will conduct a search for his replacement.

Shaukat has been president at the Austin-based company since July 2020. Bumble, whose namesake app is known for letting women make the first move, went public in 2021. Its shares have tumbled 22% this year. 

Chief Executive Officer Whitney Wolfe Heard credited Shaukat with overseeing a “successful IPO as well as helping to scale our brands globally.”

Shaukat will move into an advisory role effective Sept. 1 while the company searches for a new executive leader, Bumble said in a regulatory filing. 

Earlier this month, the company said it expects second-quarter revenue of as much as $258 million, slightly better than the average analyst’s estimate of $256.7 million.

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