🔑 Major Leadership Changes
Etsy announced several key C-suite changes effective January 2025. Kruti Patel Goyal, currently CEO of Depop, will become president and chief growth officer of Etsy. Lanny Baker, ex-Yelp CFO, was appointed CFO, and Brad Minor, Etsy’s brand chief, will serve as the new CMO. The company is also searching for a new CTO to replace Rachana Kumar, who is leaving for new opportunities. These moves aim to boost growth amid competitive pressures from Amazon, Walmart, and Shein.
📉 Challenges from Q3 Results
Etsy’s leadership changes follow challenging Q3 results. Revenue rose 4.1% year-over-year to $662.4M, but net income fell $30.5M to $57.4M. Operating expenses climbed 8.6%, reaching $390M. Active buyers dipped slightly by 0.4% to 91.2M, but reactivated users rose 5.6% to 6.4M. CEO Josh Silverman noted rising competition and Etsy’s focus on differentiating itself through handmade goods.
🚀 Vision for Growth
Kruti Patel Goyal will focus on creating engaging experiences for Etsy users and supporting sellers. She’ll continue leading Depop until April 2025 while helping find her successor. CEO Josh Silverman praised her transformative leadership at Depop, where she drove significant growth. Brad Minor aims to revitalize Etsy’s marketing strategy, and Baker will bring strong financial expertise to navigate macroeconomic challenges.
🌟 Future Opportunities
Despite market challenges, Etsy sees potential for growth. The company’s Q3 gross merchandise sales totaled $2.9B, down 4.1% year-over-year. Silverman remains optimistic, saying, “If this is what Etsy delivers in tough times, the future looks bright.” Departing CFO Rachel Glaser will advise through mid-2025, ensuring a smooth leadership transition. Etsy’s focus remains on innovation and supporting its unique marketplace.
Will Etsy’s new leadership drive growth?
