Hajra Naz
Etsy shared that its CEO, Josh Silverman, will step down at the end of this year. He has led the company for eight years and will now take on a new role as executive chairman.
His position will be filled by Kruti Patel Goyal, who is currently Etsy’s president and chief growth officer. She has worked at Etsy for more than 10 years and was also the CEO of Depop, a social-shopping app that Etsy bought four years ago.
Goyal came back to Etsy about seven months ago and has helped shape the company’s plans for growth. Her promotion shows that Etsy wants to refresh its business strategy after a tough year.
Recently, Etsy has had trouble growing its customer base. In the third quarter ending September 30, the number of active buyers fell 5% from last year to 86.6 million. The number of sellers also dropped 10.9% to 5.5 million, and total sales on the platform declined 2.4% to $2.4 billion.
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Part of this slowdown followed a user boycott in July, sparked by controversy over products labeled “Alligator Alcatraz” that appeared on the site.
By contrast, Depop’s performance has been strong. The resale platform’s active sellers rose 40% to 3 million, and active buyers increased 38% to 6.6 million. Its GMS grew nearly 39%, reaching $292.1 million.
Etsy’s leadership hopes Goyal’s track record at Depop can help bring fresh energy and direction to the brand. Investors, however, reacted cautiously to the news—Etsy’s stock fell almost 9% following the announcement.
With Goyal at the helm, Etsy aims to rebuild trust among its sellers and boost engagement among buyers, while tapping into her experience in digital communities and sustainable commerce.
FAQs
1. Who is Kruti Patel Goyal?
Kruti Patel Goyal is Etsy’s new CEO. She has worked with the company for over 10 years and previously led Depop, the resale app that Etsy owns.
2. Why did Josh Silverman step down as Etsy’s CEO?
After eight years in the role, Silverman is stepping aside to become Etsy’s executive chairman.
3. What challenges is Etsy facing right now?
Etsy has seen a drop in buyers, sellers, and overall sales this year, partly due to market slowdowns and user backlash.
4. How is Depop performing compared to Etsy?
Depop’s user base and sales are growing quickly. It has seen double-digit increases in both buyers and sellers.
5. What does this leadership change mean for Etsy’s future?
Etsy hopes Goyal will help revive growth by focusing on community trust, platform innovation, and stronger global engagement.
