Dec. 1 (UPI) — The founder and CEO of Blue Apron announced he will step down Thursday as stock shares fell below $3.
Matt Salzberg will be replaced by CFO Brad Dickerson but will be named executive chairman of the company and continue to serve as chairman of its Board of Directors.
“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 press release. “We’ve made meaningful progress toward our top company priorities.”
“The Board and I are confident that Brad is the right person to build on this momentum,” Salzberg continued.
According to TechCrunch, the meal kit service company has had a difficult past few months since going public in June. Shares began at $10 and were expected to rise up to $17, but ended up decreasing in value to $2.99 as of Thursday.
In October, the company laid off 6 percent of its 5,400-employee workforce.
Days later, Blue Apron investors were reportedly disappointed by the company’s third-quarter earnings and the slump in stock prices.
Last year, Blue Apron was criticized for having several health and safety violations, and violent incidents at its warehouse facilities, Buzzfeed reported.
