Blue Apron's CEO, Matt Salzberg, steps down and is now an Executive Chairman for the company.
Blue Apron is searching for a new CFO since Brad Dickerson stepped in new CEO role, for the meal-kit company.
News of Blue Apron’s CEO stepping down came earlier this month, when it was announced the co-founder of the meal-kit company, Matt Salzberg, would be leaving behind his post to Brad Dickerson, previously Blue Apron’s CFO, to fix the company’s financial troubles.
The company has been suffering production problems and is projecting slower sales growth.
Salzberg won’t go away completely, though. He will remain involved with the company as an executive chairman as Blue Apron begins to look for a replacement for the vacant position Dickerson left behind.
“We still have the ability to drive much more efficient margins going forward, and that gives us more ability to spend more money on things like marketing,” Dickerson told “Bloomberg” in a phone interview. “Margin is really the key to unlocking the future, both for near-term and long-term success.”
Now, there’s only one remaining co-founder out of the three who is still working on the day-to-day minutiae of Blue Apron’s operations. That person is Ilia Papas, the company’s chief technology officer, according to “Bloomberg.”
Unfortunately, the meal-kit business is not looking so promising after reviewing the stock performance for Blue Apron. Out of all the companies that went public in 2017 (excluding the companies that sold less than $5 million in stock in their IPOs) Blue Apron is the one performing the worse at a negative 70 percent stock change from IPO price, reports “Bloomberg.”
Since going public in June of this year, Blue Apron has been working to fix operational issues with the goal to grow subscriber numbers and get on the good graces of investors.
As Foodable reported in October, Blue Apron implemented “a company-wide realignment of personnel” laying off approximately 6 percent of its staff across both corporate offices and fulfillment centers.
Learn more at “Bloomberg”