The stock of U.S. e-commerce company Etsy (ETSY) is down 9% on news that Chief Executive Officer (CEO) Josh Silverman is stepping down.
Silverman will transition from the CEO position to become executive chairman of Etsy’s board of directors at year’s end, said the company in a news release.
Kruti Patel Goyal, who currently leads Etsy-owned clothing resale app Depop, will take over as Etsy’s new CEO on Jan. 1, 2026.
The CEO transition was announced along with Etsy’s third-quarter financial results.
Etsy, which sells handmade items and craft supplies on its e-commerce platform, reported earnings per share of $0.63 U.S., which beat the $0.52 U.S. expected on Wall Street.
Revenue in the period came in at $678 million U.S., topping the $657.5 million U.S. that analysts had anticipated.
Josh Silverman, a former longtime eBay (EBAY) executive, ran Etsy for the past eight years and guided the company through a demand surge during the Covid-19 pandemic.
But since the pandemic ended, Etsy has struggled to grow its business as it faces aggressive competition from companies such as Amazon (AMZN), Temu and Shein.
Prior to today (Oct. 29), ETSY stock had gained 40% this year to trade at $74.78 U.S. per share.
