Etsy Stock Tumbles as CEO Announces Intent to Step Down

Etsy CEO Josh Silverman said he will leave the role by the end of the year. (Victor J. Blue/Bloomberg)

Key Points

• Etsy CEO Josh Silverman will transition to executive chair by year-end, with Kruti Patel Goyal becoming the new CEO.
• Etsy’s third-quarter earnings of 63 cents a share exceed analysts consensus of 52 cents.
• Third-quarter revenue reaches $678 million, surpassing Wall Street’s expectation of $657.5 million.

Etsy CEO Josh Silverman is leaving the job after eight years at the helm.

Effective Dec. 31, Silverman will leave the role and transition to executive chair, a title he will hold until December 2026. Etsy’s current president and chief growth officer, Kruti Patel Goyal, will succeed him and join Etsy’s board starting Jan. 1.

“I’ve decided that this is the right time for me to hand over the leadership baton to the next generation,” Silverman said in a statement.

Shares declined 9.8% on Wednesday, while the S&P 500 was up 0.3%. Etsy stock has declined for two consecutive days, falling nearly 11% over this period.

The announcement coincided with Etsy’s third-quarter earnings report. The online marketplace posted earnings of 63 cents a share, beating the 52-cent consensus among analysts tracked by FactSet. Revenue came in at $678 million, topping the $657.5 million Wall Street had anticipated.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com