Etsy has made a few major changes at the top most tiers of its leadership. With both CEO Chad Dickerson and CTO John Allspaw taking their leave of the company, it has decided to elevate Josh Silverman to the role of CEO.
Josh is a veteran of the field and has held such positions in the past as well, including CEOship at Skye and Evite. He was serving as a director on the board of the company until now. Meanwhile, Dickerson, who joined the company in 2008 and has been CEO since 2011, will also be leaving his position as the chairman of Etsy’s board of directors. However, both he and the outgoing CTO will remain in advisory capabilities until May end.
The departure appears to have been wrought by — or at least coerced by –the board’s will rather than Dickerson’s own. In a statement, he said:
The Board decided that it was time for new leadership to take Etsy forward and I support that decision. I have the greatest degree of confidence in the long-term growth opportunities for Etsy under Josh’s leadership.
The change comes at a time of trouble for the crafts marketplace. The company reported a $400,000 net loss for the first quarter in its latest earnings release and also said that it was planning to lay off as many as 80 employees.
The company’s stock, which has already been trading well below its IPO opening price of $16, took a further plunge of 14 percent following the news.
Josh Silverman will be taking the top job at a time when several of the company’s investors are clamoring for a sale. Speaking about his new role, Silverman said:
I have a deep appreciation for the mission of Etsy and the unique role that it plays in global e-commerce. Our focus will remain on delivering value to our community, including our shareholders. Having worked at other marketplaces, I recognize how difficult it is to create a differentiated value proposition for buyers that provides a unique opportunity for sellers—and Etsy has done that. In the coming weeks, I look forward to listening and learning from our employees, sellers, buyers and shareholders to help ensure we are focusing on the most value-enhancing near- and long-term opportunities.
