- 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.
"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."
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.