Blue Apron Co-founder Wadiak To Step Down From COO Role

Blue Apron Holdings Inc. shares fell 1.3% late Tuesday after the company announced that co-founder Matthew Wadiak is stepping down as its chief operating officer. Wadiak will transition to serve as a senior adviser to the company, Blue Apron said in a statement. The announcement comes less than a month after the prepared-meal company's shares started trading on the New York Stock Exchange. The company's executive-suite shake-up also included the promotion of Tim Smith, currently Blue Apron's vice president of supply chain, to senior vice president and general manager for consumer products, a newly created role and team, the company said. His team "will lead the company's ongoing work to deliver more flexible, diverse, and personalized experiences for Blue Apron's customers, building off its existing product portfolio," the company said. Smith will report to Chief Executive Matt Salzberg. Shares of Blue Apron ended the regular trading day up 1.2%.