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.