Etsy Stock Falls 9% As CEO Steps Down
E-commerce company Etsy (ETSY) is down 9% after announcing 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, according to a 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, which reported earnings per share of $0.63 U.S., beating the anticipated $0.52 U.S. Revenue for the period was $678 million U.S., exceeding the expected $657.5 million U.S.
No comment from Silverman or Goyal was provided.
Author's summary: Etsy's stock falls after CEO steps down.
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