Beleaguered meal-kit company Blue Apron announced on Thursday that its board had replaced co-founder and CEO Matt Salzberg with the company’s CFO, Brad Dickerson.
Dickerson joined Blue Apron in February of 2016 after 11 years at Under Armour, where he held CFO and COO roles.
Dickerson steps into the top role just five months after Blue Apron’s IPO amid considerable turmoil at the New York City-based company. The company priced its June IPO at $10 a share but has seen its stock price fall to just $3 after disclosing operational problems at a new warehouse that led to marketing cuts, disappointing revenue forecasts and staff layoffs.
In an interview with Recode, Dickerson insisted that Salzberg was the “driver” of the decision and wanted to take on a role that was more focused on long-term ideas for future growth opportunities. Salzberg will remain chairman of the company’s board and be paid $470,000 for another year of work.
Even if you believe that version of the story, one would imagine that pressure was building on the board of directors to make a change; the company’s stock performance has been the worst of any major company that has gone public this year.
Dickerson said he hoped the change would result in faster operational and profit-margin improvements.
This article originally appeared on Recode.net.