Earlier this year in June, meal kit delivery company Blue Apron launched its IPO. However, the company struggled to gain momentum on the NYSE. Its shares opened up at $10, but closed on Wednesday at $7.50.
Per a statement issued by the company, co-founder Matthew Wadiak will be assuming the post of Senior Advisor after stepping down as COO.
“Matt Wadiak has played an instrumental role in driving forward Blue Apron’s mission to make incredible home cooking accessible to everyone. His contributions to the company have been immeasurable and we thank him for his unwavering dedication over the past five years,” Matt Salzberg, Blue Apron’s CEO, said in the statement.
That is not the only change the company’s executive team has undergone. Blue Apron’s VP of Supply Chain Tim Smith was recently named Senior Vice President and General Manager of Consumer Products. His new role will have him overseeing efforts to personalize and expand offerings for customers. He will report to Salzberg who remains the CEO.
“We believe this will enable us to cater to more households, and in turn expand our community of passionate home cooks,” Smith said in a statement.
In addition to Smith, Pablo Cussatti, Senior Vice President of Operations who formerly worked with Campbell Soup and PepsiCo, will also report to Salzberg.
The executive team restructuring quickly reversed a day of gains after a number of analysts gave Blue Apron a buy rating of $11, up from its IPO price of $10. However, as soon as word spread about Wadiak’s stepping down, the share prices fell again.
Megha Shah for TechFunnel.com