Etsy names former head of Depop, Kruti Patel Goyal, as its new CEO

In Brief

Online marketplace Etsy said connected Wednesday that its long-time CEO, Josh Silverman, would measurement down by the extremity of the year.

Kruti Patel Goyal, Etsy’s president and main maturation officer, volition go the company’s adjacent CEO. Silverman, who headed the marketplace for 8 years, volition go its enforcement chairman.

Goyal worked astatine Etsy for much than 10 years until she was named the CEO of social-commerce level Depop, which Etsy bought 4 years ago. She has been successful her existent relation for astir 7 months.

Etsy has faced challenges successful increasing its concern and whitethorn beryllium looking to Goyal’s acquisition starring Depop to assistance revive growth. In its third quarter ended September 30, the fig of progressive buyers connected Etsy fell 5% to 86.6 cardinal from a twelvemonth earlier. The institution experienced a user boycott successful July aft allowing the merchantability of merchandise branded with “Alligator Alcatraz” connected its site.

Sellers connected Etsy declined by 10.9% to 5.5 cardinal successful the 3rd quarter, compared to a twelvemonth earlier. Gross merchandise income (GMS) for the 4th dropped 2.4% to $2.4 billion.

In contrast, Depop performed well, with the fig of progressive sellers rising 40% to 3 cardinal and progressive buyers expanding 38% to 6.6 million. Depop’s GMS jumped 39.4% to $292.1 million.

Following the news, Etsy’s shares were down astir 9%.

Subscribe for the industry’s biggest tech news