Blue Apron's CEO is out

blue apron

Blue Apron

Blue Apron CEO 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 and treasurer, 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 apiece following the news.

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