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

Core Insights - Etsy's long-time CEO, Josh Silverman, will step down by the end of the year, with Kruti Patel Goyal, the current president and chief growth officer, set to take over as CEO [1] - Goyal has over 10 years of experience at Etsy and previously led Depop, which Etsy acquired four years ago [2] Business Performance - Etsy has faced challenges in growth, with active buyers declining by 5% to 86.6 million year-over-year as of Q3 [3] - The number of sellers on Etsy decreased by 10.9% to 5.5 million compared to the previous year, and gross merchandise sales (GMS) fell by 2.4% to $2.4 billion in Q3 [4] - In contrast, Depop showed strong performance, with active sellers increasing by 40% to 3 million and active buyers rising by 38% to 6.6 million, while Depop's GMS surged by 39.4% to $292.1 million [4] Market Reaction - Following the announcement of the CEO transition, Etsy's shares dropped nearly 9% [4]