Online marketplace Etsy has announced a leadership change as its long-time CEO, Josh Silverman, is set to step down by the end of the year. Kruti Patel Goyal, currently Etsy’s president and chief growth officer, will take over as the new CEO, while Silverman transitions to the role of executive chairman. Goyal, who previously served as the CEO of Depop, a social-commerce platform acquired by Etsy, brings a wealth of experience from her tenure at both companies.
Etsy has encountered obstacles in expanding its business, with a 5% decline in active buyers and a 10.9% reduction in sellers in the third quarter of this year. These challenges have led to a 2.4% decrease in gross merchandise sales (GMS), amounting to $2.4 billion. In comparison, Depop has shown significant growth, with a 39.4% increase in GMS to $292.1 million, along with a rise in active sellers and buyers.
The appointment of Goyal as CEO signifies Etsy’s strategic move to leverage her success at Depop to revitalize growth and address the recent setbacks. This decision comes as Etsy aims to navigate through a shifting e-commerce landscape and enhance its market position amidst evolving consumer preferences and competition.
Source: TechCrunch