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

Online marketplace Etsy said on Wednesday that its longtime CEO, Josh Silverman, will step down by the end of the year.

Kruti Patel Goel, president and chief growth officer of Etsy, will be the company’s next CEO. Silverman, who has led the marketplace for eight years, will become its executive chairman.

Goyal worked at Etsy for more than 10 years until he was named CEO of social-commerce platform Depop, which Etsy bought four years ago. He has been in his current role for about seven months.

Etsy has faced challenges growing its business and may look to Goyal’s experience to lead Depop to help revive growth. in between Third trimester As of the end of September 30, the number of active buyers on Etsy fell 5% from a year ago to 86.6 million. Company is an experience User boycott After allowing the sale of merchandise branded with “Alligator Alcatraz” on its site in July

Sellers on Etsy fell 10.9% to 5.5 million in the third quarter from a year ago. Gross merchandise sales (GMS) for the quarter fell 2.4% to $2.4 billion.

In contrast, Depop performed well, with active sellers up 40% to 3 million and active buyers up 38% to 6.6 million. Depop’s GMS jumped 39.4% to $292.1 million.

Following the news, Etsy shares fell nearly 9%.