Well, that was fast.
Blue Apron Holdings, Inc. (APRN) co-founder Matt Salzberg is no longer the company's CEO, but will be replaced by current Chief Financial Officer Brad Dickerson, the meal kit company announced Thursday afternoon, Nov. 30. Shares jumped 2.7% after-hours on the news.
Salzberg will assume the role of executive chairman and the company is now seeking a new CFO.
The shakeup comes just five months after Blue Apron went public. Since then, its stock has fallen by nearly 70%, from its initial offering of $10 to just under $3 as the market closed on Thursday. Experts told TheStreet earlier this month, after Blue Apron posted dismal third-quarter results, that in order for the company to recover it will need to overhaul its business plan and perhaps explore strategic options.
"The Board and I are confident that Brad is the right person to build on this momentum," Salzberg said in a statement. "He is a seasoned leader with significant experience working with the public markets, operating efficiently at scale, and delivering value to shareholders. We are lucky to have him as our next CEO."
He added that margins have improved since the end of the third quarter. This means that the company is on track to meet its guidance for the second half of 2017, according to Dickerson, who joined the company in February.