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Blue Apron co-founder Matt Salzberg steps down as chief executive

Blue Apron has started the search for a new chief financial officer

blue apron
Blue Apron's shares have plunged since going public earlier this year

Blue Apron Holdings Inc. (NYSE:APRN) co-founder Matt Salzberg has stepped down from his role as chief executive of the meal-kit company and will be replaced by chief financial officer Brad Dickerson.

Salzberg will become executive chairman and a search is underway for a new CFO, the group announced.

“It has been a tremendous honour 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.

Dickerson joined the group as CFO in February 2016 after previously holding the same position at Under Armour.

Shares in the company rose 7.02% to US$2.99 each in US pre-market trading.

The news comes amid struggles at the company, which has seen its share price fall from initial public offering price of US$10.00 in June.

The group went public at a third less than it had hoped as Amazon.com Inc.’s (NASDAQ:AMZN) acquisition of Whole Foods Market Inc. weighed on the sector.

The deal sparked speculation that Amazon will launch its own meal-kit delivery service.

Blue Apron reported a loss of 47 cents per share in the third quarter the costs involved in trying to attract and keep customers rose. The number of customers fell 6% in the quarter. 

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