• Blue Apron co-founder and CEO Matt Salzberg has stepped down.
  • He will be replaced by CFO Brad Dickerson.
  • Blue Apron shares have tumbled 70% since the company went public in June.

Blue Apron co-founder Matt Salzberg has stepped down from his role as president and CEO, according to a company press release. He will be replaced by CFO Brad Dickerson.

"It has been a tremendous honor 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. "The Board and I are confident that Brad is the right person to build on this momentum."

Shares of Blue Apron have been in a tailspin since the company went public at the end of June, tumbling close to 70% amid worries of customer retention and competition from Amazon.

In October, the company announced it was laying off hundreds of workers, or about 5% of its workforce, in a "company-wide realignment." 

Blue Apron is up 2% at $3.05 a share following the news. 

This post originally appeared on Business Insider.