TheStreet’s Jim Cramer isn’t fond of newly public Blue Apron. Video provided by TheStreet Newslook

After a downward spiral from a much ballyhooed initial public offering in June, the CEO of the meal-kit company Blue Apron has stepped down.

Matt Salzberg, who founded the business in 2012, is being replaced by Blue Apron’s CFO Bradley Dickerson, he said in a letter to employees on Thursday. Salzberg will be the company’s executive chairman and remain chairman of the board of directors.

The stock price has plummeted since the IPO and the company’s financial performance has been lackluster.

In Salzberg’s letter, he acknowledged that Blue Apron’s “public market performance has fallen short of my expectations” and praised his successor’s skill set.

“He also has a keen understanding of what is required to improve our financial performance,” Salzberg wrote. “Brad is a passionate believer in our mission and the potential of our incredible team. The company is in good hands.”

Blue Apron said it was looking for a new CFO.

Blue Apron stock debuted in June at $10; on Friday morning, it was $3.13 in mid-morning trading.

When the start-up reported its third-quarter earnings on Nov. 2, it posted revenue of $210.6 million, which beat Wall Street expectations, but was down from the $238.1 million in the second quarter.

In October, Blue Apron laid off 6 percent of its work force.

Salzberg is the latest in a string of chain restaurant founders who’ve bowed out recently. On Wednesday, Chipotle Mexican Grill…