Blue Apron investors cheered news that the meal-kit delivery company was getting a new finance chief.
Shares jumped more than 6 per cent to $2.77 after the company on Thursday said Tim Bensley would take on the role effective May 21. Mr Bensley most recently served as chief financial officer of Acosta, which provides sales and business intelligence services to food and consumer packaged goods companies. Before that, Mr Bensley spent 29 years at PepsiCo.
“Tim brings over three decades of exceptional leadership experience, including a record of delivering against a growth agenda with a positive impact on business results, and relevant expertise in the food and consumer packaged goods space,” said Blue Apron chief executive Brad Dickerson, who took over in November.
Mr Dickerson had continued to assume duties of the chief finance officer following his appointment to the top job.
Blue Apron shares have tumbled more than 70 per cent since its IPO last June as the company has struggled to acquire new customers and maintain existing ones amid concerns on costs. It has also faced pressure from Amazon’s decision to expand its meal kit offerings and competition from others like HelloFresh, Plated and Terra’s Kitchen.
Despite Thursday’s gains, Blue Apron shares are down 32 per cent year-to-date.