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Image credit: Lucas Jackson / Reuters

Blue Apron co-founder steps down as CEO

The meal kit distributor is facing more competition and a falling stock price.

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Blue Apron CEO Matthew B. Salzberg (C) stands on the floor of the New York Stock Exchange waiting for for the company's IPO in New York, U.S., June 29, 2017 Lucas Jackson / Reuters

Less than a month after an earnings report indicated customers dropped six percent from last year, Blue Apron has a new CEO, as co-founder Matt Salzberg steps down from his role as president and CEO. Former CFO Brad Dickerson will now fill both of those roles and join the company's board of directors where Salzberg will remain as chairman.

Blue Apron just completed its initial public offering in June, but its stock price has already dropped from $10 to around $3 and last month it laid off six percent of its employees. The five-year-old company is facing more competition from others in the space like HelloFresh and Plated, while also being squeezed by meal kits from companies like Amazon (which just bought Whole Foods) and Kroger.

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