Blue Apron CEO Matt Salzberg leaves post abruptly

  • Push-out Score suggests push-out forces
  • After about six years in the position
  • Thanks for Salzberg
  • Brad Dickerson taking over
  • Salzberg will remain as Executive Chairman at Blue Apron
  • Salzberg spoke at length and said 143 words

(exechange) — New York, November 30, 2017 — Matt Salzberg, chief executive of Blue Apron, leaves the position. It is an abrupt change. As announced by Blue Apron Holdings, Inc. in a news release and in a regulatory filing published on Thursday, November 30, 2017, Matthew B. (Matt) Salzberg has already left his post as Chief Executive Officer at the meal-kit company after about six years in the position, effective November 27, 2017.

Salzberg’s duties will be taken over by Brad Dickerson, currently Chief Financial Officer at Blue Apron Holdings, Inc.

The Company has commenced a search for a new Chief Financial Officer.

No reason given

In the announcement, Blue Apron did not explicitly explain the obviously compelling reason for Salzberg’s sudden move, leaving room for speculation.

Salzberg will remain as Executive Chairman at Blue Apron

“Matt Salzberg, Blue Apron’s co-founder, has stepped down from his role as President and CEO and has been named Executive Chairman. Salzberg will also continue to serve as Chairman of the Board of Directors,” Blue Apron said.

Alarm signal

Generally speaking, it is often an alarm signal for investors when a CEO leaves the post abruptly and without a reasonable explanation.

“Resigned”

Blue Apron said: “On November 27, 2017, Matthew B. Salzberg resigned as President and Chief Executive Officer of Blue Apron Holdings, Inc. …, remaining as Chairman of the Company’s Board of Directors … with the title of Executive Chairman.”

Share price decline

The change follows a sharp decline in the share price of Blue Apron Holdings, Inc. since June 2017.

In the position of CEO since 2012

Matthew B. Salzberg co-founded Blue Apron Holdings, Inc. in 2012 and has been its President and Chief Executive Officer since February 2012.

Before co-founding Blue Apron in 2012, Salzberg worked as a senior associate at Bessemer Venture Partners and as an analyst with The Blackstone Group.

Salzberg holds a B.A. degree in economics from Harvard College and an M.B.A. degree from Harvard Business School.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Matt Salzberg’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 49.2017 ($).