Etsy Stock Falls 9% As CEO Steps Down
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 January 1.
The CEO transition was announced along with Etsy’s third-quarter financial results, which reported earnings per share of $0.63 U.S., beating the $0.52 U.S. expected, and revenue of $678 million U.S., topping the $657.5 million U.S. anticipated.
No comment from Josh Silverman was provided.
Author summary: Etsy stock falls as CEO steps down and new CEO is announced.