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Blue Apron's CEO is out (APRN)

Blue Apron's CEO is out (APRN)
Blue Apron's CEO is out (APRN)

Here are the details of this news
Blue Apron's CEO is out (APRN)

Blue Apron
  • Blue Apron co-founder and CEO Matt Salzberg has stepped down.
  • He will be replaced by CFO Brad Dickerson.
  • Blue Apron shares have tumbled 70% since the company went public in June.

 

Blue Apron co-founder Matt Salzberg has stepped down from his role as the company's president and CEO, according to a company press release. He will be replaced by the company's CFO, Brad Dickerson.

"It has been a tremendous honor to serve as the CEO of Blue Apron since founding the company and I am incredibly proud of everything our team has accomplished together in just five years," Salzberg said in a statement. "The Board and I are confident that Brad is the right person to build on this momentum."

Shares of Blue Apron have been in a tailspin since the company went public at the end of June, tumbling close to 70% amid worries of customer retention and competition from Amazon.

In October, the company announced it was laying off hundreds of workers, or about 5% of its workforce, in a "company-wide realignment." 

Shares of Blue Apron are up 2% at $3.05 a piece following the news. 

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