Five years after founding on-demand food delivery startup Waitr, Chris Meaux is no longer the company’s CEO.
Adam Price, who had previously been the company’s COO, has taken over for Meaux as of last week. Meaux will remain the chairman of the board at Waitr.
“It’s been a privilege and honor to lead this business since its founding over five years ago and I am very proud of the incredible growth we have achieved over that time,” shared Meaux following his immediate departure as CEO.
Waitr went public towards the end of last year and the stock was trading around $12 per share. After reporting record growth year over year in a recent earnings statement, the company’s latest earnings report revealed lower financial expectations moving forward.
The company’s stocks are currently trading around $3 per share.
“Given delays in the roll-out of our planned revenue initiatives, the additional time needed to integrate the Bite Squad merger, as well as current competitive dynamics, we are lowering our full year 2019 revenue guidance to a range of $210 to $220 million,” Price said.