Blue Apron announced Matthew Wadiak would step down from his position as COO of the company in a shakeup of company executives.
Wadiak,one of BlueApron’sco-founders, will move to an advisory role, according to a news release from the company.
Shares of Blue Apron dropped after the news was released. The company fell 1.33% in after-market trading, erasing gains made earlier in the day.
“His contributions to the company have been immeasurable and we thank Matt for his unwavering dedication over the past five years,” CEO Matt Salzberg said in the release. No reasons were given in the release for his step back from the COO role.
Tim Smith, who joined the company in 2016, will be promoted to Senior Vice President and General Manager of Consumer Products, and will report to the CEO. It is a new position at the company, and will focus on supply chain and innovation at the company.
Pablo Cussatti, Senior Vice President, will not be promoted to replace Wadiak as COO, but will begin reporting directly to Salzberg, per the release.
Blue Apron recently notched several bullish ratings from Wall Street. The stock rose after several Wall Street banks released their first ratings on the company, many of which rated the company a buy.
Before that, Blue Apron was facing a consistent string of declines. The company began trading at $10 after its initial pubic offering, and has been falling consistently since going public.
Shares are currently priced at $7.50 in after-market trading on Tuesday, and are down 26% since its IPO.