Etsy Stock Falls 9% As CEO Steps Down
E-commerce company Etsy (ETSY) is down 9% following the news that Chief Executive Officer (CEO) Josh Silverman is stepping down.
Silverman will transition to become executive chairman of Etsy's board of directors at year's end, as stated in a company news release. Kruti Patel Goyal, current leader of Etsy-owned clothing resale app Depop, will take over as Etsy's new CEO in January.
The CEO transition was announced alongside Etsy's third-quarter financial results. The company reported earnings per share of $0.63 U.S., exceeding the anticipated $0.52 U.S. Revenue for the period was $678 million U.S., surpassing the expected $657.5 million U.S.
No additional statement was provided by the company regarding the transition.
Author's summary: Etsy's stock drops 9% as CEO Josh Silverman steps down.