Retail

Blue Apron CEO Brad Dickerson steps down, shares soar

Recipe cards from a Blue Apron Holdings Inc. meal-kit delivery are arranged for a photograph in Tiskilwa, Illinois, U.S., on Wednesday, June 14, 2017.
Dan Acker | Bloomberg | Getty Images

Blue Apron said on Tuesday Chief Executive Officer Brad Dickerson would resign and that Linda Findley Kozlowski, a former Etsy executive, would take over the top job, sending its shares up 16 percent after the bell.

Dickerson was named CEO of Blue Apron just months after it went public in June 2017.

However, the company's shares are down nearly 90 percent since its IPO as the meal-kit service provider has struggled to boost sagging sales and turn a profit.

Kozlowski, who was previously chief operating officer of Etsy, takes over the helm at a time when the company is battling intense competition from rivals, including HelloFresh, as well as grocers selling ready-to-eat meals.

Blue Apron also said co-founder and Chief Technology Officer Ilia Papas would be leaving the company to pursue other opportunity.

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Key Points
  • Whole Foods will slash prices on hundreds of items starting Wednesday.
  • The price cuts are a sign of how challenging the grocery industry is.
  • By 2026, $200 billion to $700 billion in traditional grocery sales could move toward other formats and channels, like convenience stores and discounters, according to McKinsey.