Blue Apron Announces Resignation of Chief Financial Officer Timothy S. Bensley
December 10 2020 - 4:15PM
Business Wire
Positively Updates
Fourth Quarter Outlook
Blue Apron Holdings, Inc. (NYSE: APRN) today announced that
Chief Financial Officer and Treasurer Timothy S. Bensley has
resigned, effective December 31, 2020, to pursue another
opportunity. Bensley will continue to serve as an advisor to Blue
Apron through the middle of the 2021 first quarter to assist with
transitioning his role. Blue Apron has engaged Spencer Stuart to
identify a new Chief Financial Officer.
Blue Apron also announced that it expects results for the 2020
fourth quarter to be better than the company’s previously provided
outlook for the period. The company expects to report 2020 fourth
quarter and full year financial results in February 2021.
“Throughout Tim’s two and a half years at Blue Apron, he has
made important contributions to the improvement of our daily
operational practices, financial flexibility and liquidity, while
also working to rightsize our cost structure. On behalf of everyone
at Blue Apron, I want to thank Tim and wish him all the best in the
future,” said Kozlowski.
“We have an experienced finance and leadership team, and I am
confident in the continuity they will provide as we recruit a new
Chief Financial Officer,” added Kozlowski. “Reflecting the
company’s improved cost structure, operational execution and
financial flexibility, we are seeking a successor who has a
demonstrated record of growing and scaling consumer businesses as
we continue to focus on the successful execution of our growth
strategy.”
“I’ve enjoyed my time at Blue Apron and I am proud of all of the
progress we have made in improving the company’s financial
flexibility and operations, and positioning it for the future,”
said Bensley. “There’s a strong team in place across the entire
organization to help lead the company as it continues to execute on
the growth plan.”
About Blue Apron
Blue Apron’s mission is to make incredible home cooking
accessible to everyone. Launched in 2012, Blue Apron is reimagining
the way that food is produced, distributed and consumed, and as a
result, building a better food system that benefits consumers, food
producers and the planet. Blue Apron has developed an integrated
ecosystem that enables the company to work in a direct, coordinated
manner with farmers and artisans to deliver high-quality products
to customers nationwide at compelling values.
Forward-Looking Statement
This press release includes statements concerning Blue Apron
Holdings, Inc. and its future expectations, plans and prospects
that constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. For this
purpose, any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements. In
some cases, you can identify forward-looking statements by terms
such as "may," "should," "expects," "plans," “forecasts,”
"anticipates," "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential,"
or "continue," or the negative of these terms or other similar
expressions. Forward-looking statements in this press release
include, but are not limited to, the Company’s expectations with
regard to its outlook for the fourth quarter of 2020, which
expectations reflect certain assumptions regarding the company’s
business, including the impact of its operational improvements,
trends, historical seasonal factors, and the continuing impact of
COVID-19 on its business, including as a result of changes in
consumer behavior. The guidance above also assumes that the company
will not experience any significant disruptions in its fulfillment
operations or supply chain as a result of the COVID-19 pandemic or
otherwise. In addition, the Company’s expectations and beliefs
regarding forward-looking matters may not materialize, and actual
results are subject to risks and uncertainties that could cause
actual results to differ materially from those projected. Factors
that could contribute to such differences include, without
limitation, the company achieving its expectations with regards to
its expenses and net revenue; its ability to grow adjusted EBITDA
and to achieve or maintain profitability; the continued sufficiency
of the company’s cash resources; the company’s need for additional
financing; its ability to effectively manage expenses and cash
flows, and its ability to remain in compliance with the financial
and other covenants under the company’s indebtedness; its ability,
including the timing and extent, to sufficiently manage costs and
to fund investments in operations from cash from operations or
additional financings in amounts necessary to continue to support
the execution of the company’s growth strategy; its ability,
including the timing and extent, to successfully execute the
company’s growth strategy, cost-effectively attract new customers
and retain existing customers, continue to expand its
direct-to-consumer product offerings and continue to benefit from
the implementation of operational efficiency practices; its ability
to sustain the increased demand resulting from the COVID-19
pandemic and to retain new customers; any material and adverse
impact of the COVID-19 pandemic on the company’s operations and
results, including as a result of the company’s inability to meet
demand due to loss of adequate labor, whether as a result of
heightened absenteeism or challenges in recruiting and retention or
otherwise, prolonged closures, or series of temporary closures, of
one or more fulfillment centers and supply chain or carrier
interruptions or delays; changes in consumer behaviors that could
lead to declines in demand, both as COVID-19 related restrictions
continue to be lifted to varying degrees across the United States,
and/or consumer fears dissipate, and/or as a result of the COVID-19
pandemic’s impact on financial markets and economic conditions,
including on consumer spending habits; achieving its expectations
regarding the benefits and expected costs and charges associated
with temporarily reopening its Arlington fulfillment center; its
ability to maintain and grow the value of the company’s brand and
reputation; its expectations regarding, and the stability of, its
supply chain, including potential shortages or interruptions in the
supply or delivery of ingredients, as a result of COVID-19 or
otherwise; its ability to maintain food safety and prevent
food-borne illness incidents and its susceptibility to
supplier-initiated recalls; its ability to accommodate general
changes in consumer tastes and preferences or in consumer spending;
its ability to effectively compete; its ability to attract and
retain qualified employees and key personnel in sufficient numbers;
its ability to comply with modified or new laws and regulations
applying to its business; risks resulting from its vulnerability to
adverse weather conditions, natural disasters and public health
crises, including pandemics; its ability to obtain and maintain
intellectual property protection; and other risks more fully
described in the company’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020 filed with the Securities and
Exchange Commission (“SEC”) on October 29, 2020, and in other
filings that the company may make with the SEC in the future. The
company assumes no obligation to update any forward-looking
statements contained in this press release as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20201210006062/en/
Investor Contact investor.relations@blueapron.com
Joseph Jaffoni, Richard Land, James Leahy JCIR aprn@jcir.com or
212-835-8500
Media Contact Muriel Lussier Blue Apron
muriel.lussier@blueapron.com
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