Etsy announces executive team reshuffle to boost growth

On Thursday, Etsy, Inc. (NASDAQ: NASDAQ:ETSY ), a global online marketplace for creative goods, unveiled significant changes to its executive team, aiming to enhance the customer experience and reignite the company's growth. These strategic updates are set to take effect in the first week of January 2025.

Kruti Patel Goyal, who currently heads Etsy's Depop subsidiary as CEO, has been promoted to the role of President and Chief Growth Officer, a newly minted position at Etsy. In this capacity, Patel Goyal will be responsible for unifying all customer interactions to provide an enriched and cohesive experience for Etsy's vast community of buyers and sellers. Her oversight will extend across Product, Marketing, Member Support, Trust and Safety, and Strategy and Operations. Patel Goyal is slated to continue leading Depop until April 2025 while aiding in the search for her successor.

Lanny Baker, with a history of executive roles at Eventbrite (NYSE:EB ), is set to join Etsy as the Chief Financial Officer. Baker will take over from Rachel Glaser, who is retiring but will stay on as an advisor until June 30, 2025, to support a smooth transition. Baker's new role will encompass the full scope of financial responsibilities previously held by Glaser.

Brad Minor has been promoted to Chief Marketing Officer, stepping up from his role as Chief Brand Officer. Minor has been instrumental in shaping Etsy's brand strategy and will now join the executive team, reporting to Patel Goyal. His promotion follows the departure of Raina Moskowitz, who is leaving to become CEO at another company. Additionally, Etsy's Chief Technology Officer, Rachana Kumar, is leaving to explore new opportunities but will remain in an advisory role during the transition period. Etsy will commence a search for Kumar's successor, with interim leadership coming from two current vice presidents of engineering.

CEO Josh Silverman expressed his gratitude towards the departing executives for their substantial contributions to Etsy's success. He also voiced his confidence in the newly appointed leaders, emphasizing their potential to drive the company's growth forward. The management reshuffle is not related to Etsy's financial performance.

Patel Goyal's tenure at Depop saw her reinvigorate the brand and significantly increase gross merchandise sales. Baker brings over two decades of experience in financial and operational roles within the consumer internet and marketplace sectors. Minor's background includes pivotal brand marketing roles across various industries, positioning him well for his new role at Etsy.

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Source: Investing.com