Shares of Blue Apron Holding Inc. (NYSE:APRN) were getting a boost today after the meal-kit service named a new CFO, tapping Tim Bensley to replace Brad Dickerson, who had held both roles since being named CEO last December. As a result, the stock was up 7.6% as of 2:45 p.m. EDT.
Bensley will fill a key executive role for the company as it struggles to win back customers, after operational miscues hampered its expansion into a new fulfillment facility last year.
Bensley most recently served as CFO of Acosta, Inc., a privately held company with 30,000 employees that provides business intelligence services for food and consumer packaged goods companies. Prior to that, he worked for 29 years at PepsiCo, the majority in the Frito-Lay North America division.
CEO Brad Dickerson said: "Following a rigorous search for a CFO who can make an immediate impact on our business, I am thrilled to have Tim join our team. Tim brings over three decades of exceptional leadership experience, including a track 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."
Leadership is an often underrated component of a company's performance, but any brand is only as strong as the people running it. We don't know exactly what kind of impact Bensley will have on Blue Apron, but his experience with packaged food seems promising, especially as the meal-kit provider tries to break into supermarkets.
At the very least, relieving Dickerson from fulfilling double duty as both the CEO and CFO should help him focus on long-term solutions for the company.