from Statista.com
— this post authored by Felix Richter
Blue Apron co-founder Matt Salzberg stepped down as CEO of the company after six months that couldn’t have gone much worse for the meal kit delivery firm.
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Since its IPO in early June, Blue Apron’s (NYSE:APRN) share price dropped by 70 percent as lackluster growth, low customer retention and the ever-looming boogeyman that is Amazon spooked many of the company’s shareholders.
As our chart illustrates, Blue Apron’s growth slowed down significantly over the past two years until it came to a screeching halt in the third quarter. It appears as if the company’s decision to reduce marketing expenses has come at the expense of customer growth, which turned negative in the September quarter. Considering that the average order value and the number of orders per customer have been fairly constant over the past three years, the company needs to build its customer base in order to grow its business though.
Newly appointed CEO Brad Dickerson will have to come up with a new recipe for growth in order to stop his company’s share price from spiraling further downwards. Given his experience as CFO and COO at Under Armour, where he oversaw a period of rapid growth, the 52-year-old Dickerson could be just the man for the job.
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