Online marketplace Etsy announced Wednesday that longtime CEO Josh Silverman will step down by the end of the year.
Kurti Patel Goyal, Etsy’s president and chief growth officer, will become the company’s next CEO. Silverman, who has led the market for eight years, will become executive chairman.
Goyal worked at Etsy for more than a decade before being named CEO of social commerce platform Depop, which Etsy acquired four years ago. She has been in her current role for about seven months.
Etsy is facing challenges in growing its business and may be looking to use Goyal’s experience leading Depop to help revive growth. In the third quarter ended September 30, Etsy had 86.6 million active buyers, down 5% year over year. In July, the company experienced a user boycott after allowing Alligator Alcatraz branded merchandise to be sold on its site.
Etsy had 5.5 million sellers in the third quarter, down 10.9% from the same period last year. Gross merchandise merchandise (GMS) for the quarter decreased 2.4% to $2.4 billion.
In contrast, Depop performed well, with the number of active sellers up 40% to 3 million and the number of active buyers up 38% to 6.6 million. Depop’s GMS increased 39.4% to $292.1 million.
Etsy’s stock price fell nearly 9% on the news.
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