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Blue Apron’s CEO Has Stepped Down

December 1, 2017, 12:21 AM UTC

Struggling meal-delivery kit maker Blue Apron just got a new CEO.

The company said Thursday that co-founder and CEO Matt Salzberg was stepping down. Chief financial officer Brad Dickerson, who has been with the company since Feb. 2016, will take over.

It’s been a rough going for Blue Apron since its initial public offering in June. Its shares (APRN) have tumbled nearly 70% amid Wall Street skepticism about its big losses and intense competition from services like HelloFresh, which went public in November.

Blue Apron had about 856,000 active customers in the third quarter, down 6 percent from a year ago, it reported earlier this month.

Investor pessimism only increased following news in July that Amazon had filed for a trademark that revealed it was exploring creating its own rival meal-kit delivery service.

Meanwhile, in October, Blue Apron said it would lay off 6% of its workforce, or about 300 people, to cut costs.

“We have an exceptionally talented team at Blue Apron that is focused on taking decisive actions to transform the business, continuing to innovate our product in new and diverse ways, and unlocking future growth opportunities,” Dickerson said in a statement. He added that “I believe we are taking the right steps to move the business forward.”

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Although stepping down as CEO, Salzberg will serve as executive chairman.

Blue Apron shares rose 2.7% to $3.07 in after-hours trading on Thursday.