Etsy, Inc. (NASDAQ: ETSY) recently announced several executive changes aimed at bolstering its ability to enhance the shopping experience, deepen customer engagement, build brand trust, and reignite growth. Effective the first week of January 2025, Kruti Patel Goyal, the current chief executive officer of Etsy’s Depop subsidiary, has been appointed as the President and Chief Growth Officer of Etsy, Inc. In this newly-created role, Patel Goyal will be responsible for bringing together all customer touchpoints to deliver a more compelling and inspiring experience for Etsy’s millions of buyers and sellers. Lanny Baker, currently the Chief Operating Officer and previously the Chief Financial Officer of Eventbrite, will join Etsy as the Chief Financial Officer, succeeding Rachel Glaser. Additionally, Brad Minor has been promoted to Chief Marketing Officer, taking over from Raina Moskowitz, who will be departing Etsy. Furthermore, the company announced the departure of Rachana Kumar, Chief Technology Officer, who will be pursuing new opportunities.
Kruti Patel Goyal's tenure at Depop has seen significant growth, with a trendline of improving gross merchandise sales, which were up 9% year-over-year in 2023 and up over 30% for the nine months ended September 30, 2024. Depop was also named to TIME's list of the TIME100 most influential companies in 2024. Lanny Baker, who served as the Chief Financial Officer of Eventbrite until November 2024, brings with him a 20+ year track record within the consumer internet, digital media, and marketplace sectors. Brad Minor, who joined Etsy in April 2022, has led the evolution and execution of Etsy’s brand strategy and will now assume the position of Chief Marketing Officer.
These management changes are unrelated to Etsy’s overall financial performance. Despite this, the company is focused on leveraging its unique product offering, a passionate and creative community of sellers and buyers, and a highly flexible capital-light business model to continue standing apart in the market.
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. Its primary marketplace, Etsy.com, is the global destination for unique and creative goods. In addition to Etsy.com, the company's "house of brands" portfolio includes fashion resale marketplace Depop, and Reverb, the largest online marketplace dedicated to music gear.
As a result of these announcements, the company's shares have moved -3.1% on the market, and are now trading at a price of $57.21. For more information, read the company's full 8-K submission here.
