Blue Apron Holdings Inc (NYSE:APRN) stock pushed higher Wednesday after the meal-kit provider said chief executive Bradley Dickerson and a co-founder are leaving the company, passing the baton to former Etsy Inc (NASDAQ:ETSY) executive Linda Findley Kozlowski.
Shares, down 48% over the past 12 months, rose 17.6% to $1.14 in premarket trading.
Kozlowski, 45, takes over the New York-based company on April 8.
READ: Blue Apron shares pop on forecast of 1Q profitability
The meal-kit company is working to turn in a profit and add customers. In January, it forecast that its first-quarter loss would more than halve to a range of $11 million to $14 million, from the roughly $32 million it reported in the year-ago period.
“This is an exciting time to join Blue Apron,” Kozlowski said in a statement. “Over the past year, the company has made significant product, platform and operational advancements, and now has the right foundation for growth.”
Kozlowski is an e-commerce and consumer-focused executive with 25 years of experience across product, sales, marketing, business development and operations.
The Wall Street Journal reported that her starting salary was set at $250,000 a year, and she will receive $3 million in stock awards.
The newspaper also said Dickerson will stay on as an adviser through to the end of the year. He will receive nearly $500,000, paid out in 12 monthly installments.
In addition, Ilia Papas, Blue Apron’s co-founder and chief technology officer, will be leaving by May.
Blue Apron faces fierce competition from services like HelloFresh and the grocery delivery services provided by Fresh Direct and Amazon.com Inc (NASDAQ:AMZN).
Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive