Blue Apron loses its CEO

Blue Apron founder Matt Salzberg is stepping aside as the company’s CEO, the company announced Thursday. CFO Brad Dickerson has been promoted to take his place.

It’s been a volatile past few months for the cooking kit company, which went public in June. Shares closed Thursday at just $2.99. Blue Apron had gone public at $10 per share, after originally hoping to go public between $15 and $17.

But Amazon purchased Whole Foods just days before its debut and investors were concerned that this would eventually impact Blue Apron. There was also skepticism about Blue Apron’s customer retention.

Blue Apron’s costly new warehouse also put a dip in investor enthusiasm, as it was revealed that the company would spend less on marketing to help finance it. Marketing had been a key element of Blue Apron’s growth.

Salzberg will be staying on as Executive Chairman and Chairman of the Board of Directors.

Blue Apron laid off 6% of its employees last month.

Competitor HelloFresh recently went public in Europe.

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