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Blue Apron co-founder steps aside amid post-IPO jitters

Key Points
  • Co-founder and chief operating officer Matthew Wadiak will transition to a senior advisory role, the company said on Tuesday.
  • Shares fell 1.2 percent after-hours, erasing gains from Tuesday's regular session.
Blue Apron CEO Matthew B. Salzberg stands with co-founders Ilia Papas (L) and Matt Wadiak (R) on Wall St. ahead of the company's IPO on the New York Stock Exchange in New York, June 29, 2017.
Lucas Jackson | Reuters

Blue Apron is shaking up its leadership — and it means co-founder Matthew Wadiak is out of the C-Suite.

Co-founder and chief operating officer Wadiak will transition to a senior advisory role, the company announced on Tuesday. Blue Apron's seasoned executives in charge of supply chain and operations are being elevated and will now report to CEO Matt Salzberg, the meal-kit company said in a statement.

"As a co-founder and member of our executive leadership team, Matt Wadiak has played an instrumental role in driving forward Blue Apron's mission to make incredible home cooking accessible to everyone," Salzberg said in a statement.

"His contributions to the company have been immeasurable and we thank Matt for his unwavering dedication over the past five years."

Shares fell more than 1 percent after-hours, erasing gains from Tuesday's regular session.

Blue Apron shares have languished since the start-up went public earlier this summer. Analysts have cited the unexpected as part of the drag on Blue Apron, especially since Amazon is .

The only bright spot for Blue Apron has been the sunny outlook issued by some analysts — many from the same banks that

"We see this hyper-competition as the primary source of Blue Apron's rising costs and slowing growth and an eventual key to both improving," Goldman's Heath Terry wrote in a research note this month.