Etsy stock sinks on downbeat earnings, CEO change
Etsy NYC headquarters building seen in New York.
Michael M. Santiago | Getty Images News | Getty Images
Etsy CEO Josh Silverman will step down at the end of the year and move into the role of executive chairman of the online marketplace in question Wednesday.
Kruti Patel Goyal, Etsy’s president and chief growth officer, who previously oversaw the Depop resale app, will take the helm of Etsy starting Jan. 1, 2026, the company said.
Etsy shares fell more than 9% in pre-market trading following the news along with the announcement. third quarter earnings report. The company reported improvement on both the top and bottom lines, but gross product sales declined year over year and fell short of Wall Street’s expectations.
Silverman, ex eBay The executive has held the top spot for the past eight years and guided the company through a surge in demand caused by the Covid-19 pandemic, with shoppers flocking to the site to buy face masks.
Etsy continues to battle intense competition as it struggles to grow its business since the pandemic e-commerce boom. Amazon And Shopifyas well as China-linked startups Temu, Shein and TikTok Shop.
President Donald Trump’s changing tariff policies have also strained the business of some Etsy sellers; especially the removal of the “de minimis” exception in August, which meant that shipments under $800 were allowed into the country virtually duty-free.
Correction: This story has been updated to reflect that Kruti Patel Goyal is now the company’s president and chief growth officer and was previously CEO of Depop.
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