:max_bytes(150000):strip_icc()/GettyImages-2202930529-f80eee853c464470bed39bfe77d899d6.jpg "Etsy CEO Josh Silverman Plans to Step Down. The Online Marketplace’s Stock Is Plunging")
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Key Takeaways
- Etsy shares fell Wednesday as the online marketplace announced CEO Josh Silverman plans to step down at the end of 2025, with President and Chief Growth Officer Kruti Patel Goyal set to take his place.
- Etsy reported quarterly earnings that topped analysts’ estimates, though its gross merchandise sales declined.
Etsy (ETSY) shares dropped nearly 9% Wednesday afternoon as the online marketplace announced a shakeup in its leadership.
The company said CEO Josh Silverman plans to step down at the end of the year, and will be replaced by President and Chief Growth Officer Kruti Patel Goyal, who will also take a seat on the board. Silverman is expected to serve as executive chair through the end of 2026.
Silverman, who has been Etsy’s CEO for eight years, said “this is the right time for me to hand over the leadership baton to the next generation.”
Why This News Is Significant
Etsy’s leadership change comes at a time when the company faces stiff competition and slower marketplace growth. Investors will likely be watching to see how Kruti Patel Goyal will navigate these challenges, along with tariff changes that have pressured some Etsy sellers’ businesses.
Patel Goyal spent 10 years in various leadership roles at Etsy before becoming CEO of Etsy’s social e-commerce unit Depop in 2022. She returned to her current role at Etsy in April.
The announcement comes as the company posted better-than-anticipated results for the third quarter. Etsy reported earnings per share of $0.63 on revenue that rose 2.4% year-over-year to $678 million. Both figures exceeded analysts’ forecasts, though Etsy’s gross merchandise sales declined 6.5% to $2.72 billion following the sale of music gear marketplace Reverb.
Even with Wednesday’s decline, shares of Etsy are up about 30% year-to-date.
