BROOKLYN — Etsy, Inc. (NASDAQ: ETSY), which operates an online marketplace for creative entrepreneurs, has appointed Josh Silverman the new CEO of the company.
Silverman succeeds Chad Dickerson, who will step down as CEO and Chair of the Board of Directors. Chad will serve in an advisory role to the Company through May 31, 2017. Fred Wilson, who joined the Etsy Board in June 2007 and has served as lead independent director since October 2014, will succeed Chad as Chair of the Board.
As the new CEO of Etsy, Silverman has two decades of product development, marketing and e-commerce expertise. His deep industry experience includes leading and growing consumer technology companies and scaling global marketplaces. Josh previously served as President of Consumer Products and Services at American Express. Before American Express, Josh was CEO of Skype, CEO of shopping.com, an eBay company, and held various executive roles at eBay. He was also a co-founder and CEO of Evite, Inc. and he currently serves on the board of directors of Shake Shack.
Fred Wilson said, “Etsy is very fortunate to have Josh stepping into the CEO role at this time. He brings twenty years of senior leadership in technology and marketplace businesses to Etsy. In the six months that Josh has been on our Board, we have gotten to know him well and he has gotten to know us well. That will make for an easier transition and faster execution. I am pleased to be appointed Chair of the Etsy Board and I am looking forward to working closely with Josh and the leadership team to help Etsy capitalize on its significant growth opportunities.”
Fred added, “On behalf of the Board and the entire Etsy team, I want to thank Chad for building Etsy into the wonderful company that it is. Over the last six years as CEO, Chad has transformed a chaotic startup into a world class company, and in the process grew the revenues our sellers make over nine times, the revenues Etsy generates almost fourteen times and the operating profit Etsy generates almost fifteen times. And in doing that, Chad never lost sight of the original vision and the unique culture that makes Etsy the very best home for creative entrepreneurs. We have benefited greatly from his leadership.”
Josh 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.”
In addition, the Company also announced that John Allspaw, Chief Technology Officer, will be leaving the Company and Mike Brittain, VP of Engineering, will be named interim CTO.
Etsy reported revenues of $96.9 million in the first quarter, up 18.4% from last year. Gross merchandise sales on the site were $719.0 million, up 14.2%. The company reported a net loss of $421 million for the quarter. The company had 1.8 million active sellers and 29.6 million active buyers in the first quarter.