(Reuters) - Blue Apron <APRN.O> on Thursday replaced co-founder Matt Salzberg as chief executive with Chief Financial Officer Brad Dickerson in a reshuffle that follows a rocky few months at the meal-kit delivery company that went public in June.
Salzberg will become executive chairman, Blue Apron said.
His departure as CEO follows the exit of Matthew Wadiak, another Blue Apron co-founder, as chief operating officer in July.
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New York-based Blue Apron's shares have plunged 70 percent since their debut earlier this year amid poorly received financial results and brutal competition from startups including HelloFresh <HFGG.DE> and Plated, and more recently Amazon.com Inc <AMZN.O>.
The loss-making company is also spending heavily on building out a distribution facility in New Jersey by diverting funds from its advertising budget, a move that has slowed subscriptions from new customers.
Blue Apron, founded in 2012, had about 856,000 active customers in the third quarter, down 6 percent from a year ago, it reported earlier this month.
Incoming CEO Dickerson served at sportswear firm Under Armour <UAA.N> for 11 years before joining Blue Apron in February 2016.
Blue Apron shares rose 2.7 percent to $3.07 in after-market trading on Thursday.
(Reporting by Uday Sampath and Karina Dsouza in Bengaluru; editing by Sai Sachin Ravikumar)