Blue Apron Co-Founder Steps Down as CEO
Less than a month after an earnings report indicated customers dropped 6 percent from last year, Blue Apron Holdings has announced that Matt Salzberg, the company's co-founder, has stepped down from his role as president and chief executive officer. In addition, the company's board of directors has appointed Brad Dickerson, Blue Apron's current CFO, to fill both of those roles. Dickerson will also join Blue Apron’s board of directors. Salzberg will continue to serve as chairman of the board of directors. The company has commenced a search for a new CFO.
Total Retail's Take: Blue Apron has experienced a lot of change since it completed its initial public offering in June. Right after it went public, for example, Matthew Wadia, Blue Apron's co-founder and chief operating officer, stepped down and transitioned into a senior advisory role. What's more, Blue Apron's stock price has already dropped from $10 to around $3, and last month it laid off 6 percent of its employees. Finally, the five-year-old company is facing more competition from others in the space like HelloFresh and Plated, while also being squeezed by meal kits from companies like Amazon.com (which just bought Whole Foods) and others.