Etsy Announces Executive Changes
Etsy announces significant executive changes effective January 2025. Kruti Patel Goyal, current CEO of Depop subsidiary, is appointed as President and Chief Growth Officer, overseeing Product, Marketing, Member Support, Trust and Safety, and Strategy. Lanny Baker, from Eventbrite, joins as Chief Financial Officer, succeeding Rachel Glaser. Brad Minor is promoted to Chief Marketing Officer.
The company also announces the departures of Raina Moskowitz (Chief Operating and Marketing Officer) and Rachana Kumar (Chief Technology Officer). These changes aim to strengthen Etsy's shopping experience, deepen customer engagement, and reignite growth. Under Patel Goyal's leadership, Depop has shown strong performance, with gross merchandise sales up 30% for the nine months ended September 2024.
Etsy annuncia cambiamenti significativi ai vertici aziendali a partire da gennaio 2025. Kruti Patel Goyal, attuale CEO della filiale Depop, è nominata Presidente e Chief Growth Officer, con responsabilità su Prodotto, Marketing, Assistenza ai Membri, Affidabilità e Sicurezza, e Strategia. Lanny Baker, proveniente da Eventbrite, si unisce come Chief Financial Officer, succedendo a Rachel Glaser. Brad Minor viene promosso a Chief Marketing Officer.
L'azienda annuncia anche le dimissioni di Raina Moskowitz (Chief Operating and Marketing Officer) e Rachana Kumar (Chief Technology Officer). Questi cambiamenti mirano a rafforzare l'esperienza di acquisto su Etsy, approfondire il coinvolgimento dei clienti e riaccendere la crescita. Sotto la guida di Patel Goyal, Depop ha mostrato eccellenti risultati, con vendite lorde di merci aumentate del 30% per i nove mesi conclusi a settembre 2024.
Etsy anuncia cambios significativos en su cuerpo ejecutivo a partir de enero de 2025. Kruti Patel Goyal, actual CEO de la filial Depop, es nombrada Presidenta y Directora de Crecimiento, supervisando Producto, Marketing, Soporte a Miembros, Confianza y Seguridad, y Estrategia. Lanny Baker, proveniente de Eventbrite, se une como Director Financiero, sucediendo a Rachel Glaser. Brad Minor es promovido a Director de Marketing.
La compañía también anuncia la salida de Raina Moskowitz (Directora de Operaciones y Marketing) y Rachana Kumar (Directora de Tecnología). Estos cambios tienen como objetivo fortalecer la experiencia de compra en Etsy, profundizar el compromiso con los clientes y reavivar el crecimiento. Bajo el liderazgo de Patel Goyal, Depop ha mostrado un buen desempeño, con ventas brutas de mercancías que aumentaron un 30% en los nueve meses finalizados en septiembre de 2024.
Etsy는 2025년 1월부터 시행되는 중요한 경영진 변경을 발표했습니다. Kruti Patel Goyal, 현재 Depop의 CEO는 제품, 마케팅, 회원 지원, 신뢰 및 안전, 전략을 감독하는 대통령 겸 성장 책임자로 임명되었습니다. Lanny Baker는 Eventbrite에서 Chief Financial Officer로 합류하며, Rachel Glaser의 후임입니다. Brad Minor는 Chief Marketing Officer로 승진했습니다.
회사에서는 Raina Moskowitz(Chief Operating and Marketing Officer)와 Rachana Kumar(Chief Technology Officer)의 퇴사를 발표했습니다. 이러한 변경은 Etsy의 쇼핑 경험을 강화하고 고객 참여를 심화하며 성장을 재점화하기 위한 것입니다. Patel Goyal의 지도 아래, Depop은 2024년 9월까지 9개월 동안 총 상품 판매가 30% 증가하는 훌륭한 성과를 보여주었습니다.
Etsy annonce des changements significatifs dans sa direction à partir de janvier 2025. Kruti Patel Goyal, actuellement PDG de la filiale Depop, est nommée Présidente et Directrice de la Croissance, supervisant le Produit, le Marketing, le Support aux Membres, la Confiance et la Sécurité, ainsi que la Stratégie. Lanny Baker, provenant d'Eventbrite, rejoint l'entreprise en tant que Directeur Financier, succédant à Rachel Glaser. Brad Minor est promu Directeur Marketing.
L'entreprise annonce également le départ de Raina Moskowitz (Directrice des Opérations et du Marketing) et de Rachana Kumar (Directrice de la Technologie). Ces changements visent à renforcer l'expérience d'achat sur Etsy, approfondir l'engagement des clients et raviver la croissance. Sous la direction de Patel Goyal, Depop a montré de solides performances, avec des ventes brutes de marchandises en hausse de 30 % pour les neuf mois se terminant en septembre 2024.
Etsy kündigt bedeutende Änderungen in der Unternehmensführung ab Januar 2025 an. Kruti Patel Goyal, die derzeitige CEO der Depop-Tochter, wird zur Präsidentin und Chief Growth Officer ernannt und überwacht die Bereiche Produkt, Marketing, Mitgliedersupport, Vertrauen und Sicherheit sowie Strategie. Lanny Baker, von Eventbrite, kommt als Chief Financial Officer und tritt die Nachfolge von Rachel Glaser an. Brad Minor wird zum Chief Marketing Officer befördert.
Das Unternehmen kündigt auch den Abgang von Raina Moskowitz (Chief Operating and Marketing Officer) und Rachana Kumar (Chief Technology Officer) an. Diese Veränderungen zielen darauf ab, das Einkaufserlebnis bei Etsy zu stärken, die Kundenbindung zu vertiefen und das Wachstum neu zu entfachen. Unter Patels Goyals Führung hat Depop eine starke Leistung gezeigt, mit einem Anstieg des Bruttowarenumsatzes um 30% für die neun Monate bis September 2024.
- Depop's gross merchandise sales increased by 30% for the nine months ended September 2024
- Depop achieved 9% year-over-year growth in 2023
- Strategic restructuring to strengthen core marketplace proposition
- None.
Insights
This executive reshuffle signals a strategic pivot for Etsy, with particularly notable appointments. Kruti Patel Goyal's promotion to President and Chief Growth Officer is especially significant given her successful track record at Depop, where she drove
The appointment of Lanny Baker as CFO brings valuable marketplace and financial expertise, particularly relevant given Etsy's need to optimize its capital-light business model. However, the departure of multiple C-suite executives, including the CTO and COO, creates some near-term execution risk during the transition period.
The reorganization appears focused on improving customer experience and reigniting growth, suggesting current performance may be below expectations. The timing and scope of these changes indicate a significant strategic shift is underway.
While management changes often create short-term uncertainty, this restructuring appears strategically sound. The consolidation of customer touchpoints under Patel Goyal's new role could improve operational efficiency and customer engagement. Her success at Depop, achieving
Lanny Baker's extensive marketplace experience and financial acumen could help optimize Etsy's capital allocation and operational efficiency. The company's explicit statement that these changes are unrelated to financial performance helps mitigate immediate market concerns, though the departures of several key executives warrant monitoring for potential disruption to ongoing initiatives.
- Kruti Patel Goyal named to newly-created role of President and Chief Growth Officer
- Lanny Baker to join as Chief Financial Officer
- Brad Minor promoted to Chief Marketing Officer
These updates are meant to strengthen Etsy's ability to further improve the shopping experience, deepen customer engagement, build brand trust and loyalty, and reignite growth. All changes are effective the first week of January 2025.
Kruti Patel Goyal to become President and Chief Growth Officer
Kruti Patel Goyal, currently Chief Executive Officer of Etsy's Depop subsidiary, has been appointed President and Chief Growth Officer of Etsy, Inc. In this newly-created role, Patel Goyal will report to Etsy's CEO, Josh Silverman, and be responsible for bringing together all customer touch points to deliver a more compelling and inspiring experience for Etsy's millions of buyers and sellers. She will oversee Product, Marketing, Member Support, Trust and Safety, and Strategy and Operations. Patel Goyal will also continue as acting CEO of Depop through April 2025, working closely with Depop's executive team to identify their next leader.
"Kruti is a world-class leader with a proven ability to drive growth by obsessing over the customer experience. Over the past decade, Kruti has built and scaled critical functions for Etsy during high-growth periods. Most recently, she led an exciting transformation at Depop, making it the top-performing brand in our portfolio from a growth perspective," Silverman continued. "Etsy is at an inflection point; we must stay true to our roots while innovating and evolving to meet the ever-changing needs of today's customer. Kruti is uniquely positioned to take on this challenge."
Patel Goyal commented, "I'm so proud that Depop has become the fastest-growing online apparel resale marketplace in the
Lanny Baker appointed Chief Financial Officer
Lanny Baker, currently Chief Operating Officer and previously Chief Financial Officer of Eventbrite, a global events marketplace, will join Etsy as Chief Financial Officer. Baker will succeed Rachel Glaser, who announced her decision to retire in July. As previously announced, Glaser will remain with Etsy as an advisor through June 30, 2025 to ensure a smooth transition. Baker will assume all of Glaser's prior responsibilities, including oversight of Strategic Finance, Analytics, Accounting, Internal Audit, Investor Relations, Tax, Treasury, Strategic Sourcing, and Corporate Development.
Silverman commented, "Lanny is an exceptionally versatile, accomplished and strategic leader with a 20+ year track record within the consumer internet, digital media and marketplace sectors - excelling at aligning teams and resources to achieve value-creating results. His financial acumen, operational skills and growth orientation are going to be critical ingredients as he partners with me, Kruti and the rest of our executive leadership."
Baker added, "I can't wait to get started at Etsy, a company I have long admired, with the opportunity to help take this great business to its next phase of growth and success. Etsy has all the ingredients required to continue to stand apart - a highly differentiated product offering, a passionate and creative community of sellers and buyers, a world class team, a highly flexible capital light business model, and an extremely strong financial foundation."
Brad Minor appointed Chief Marketing Officer; Raina Moskowitz to depart Etsy
Raina Moskowitz will be joining another company as its Chief Executive Officer, stepping down as Etsy's Chief Operating and Marketing Officer. Brad Minor, presently Etsy's Chief Brand Officer, will assume the position of Chief Marketing Officer. Since joining Etsy in 2022, Minor has led the evolution and execution of Etsy's brand strategy as well as multiple cross-functional initiatives, including the launch of Etsy's gifting strategy and recent brand mission campaign, which celebrates creativity, originality, and human connection. Minor will join Etsy's executive team and report to Patel Goyal.
Departure of Rachana Kumar, Chief Technology Officer
Chief Technology Officer Rachana Kumar will depart Etsy to pursue new opportunities. Kumar has agreed to remain with Etsy in an advisory capacity over the coming months. Etsy will initiate a search for her successor, with interim leadership provided by two current vice presidents of engineering.
Silverman added, "I'd like to express my gratitude and appreciation for Rachel, Raina, and Rachana. Each has had an immense impact on Etsy. Their partnership, leadership, and expertise helped fuel our growth, scale our platform, build customer loyalty and trust, and nurture a community unlike any other. I'd also like to congratulate Brad on this well deserved new role; he has created an inspiring vision for how Etsy shows up in the world, and I'm excited for him to expand his impact."
These management changes are unrelated to Etsy's overall financial performance.
Kruti Patel Goyal Biography
Patel Goyal became CEO of Depop in September 2022. Since that time she has reorganized the company to strengthen their core marketplace proposition and prioritized growth investments that further define the brand's long-term differentiation through effective product development and marketing strategies. Together, these initiatives have accelerated growth, resulting in a trendline of improving gross merchandise sales (up
Prior to joining Depop, Patel Goyal worked at Etsy for over 10 years holding many integral roles and leading the company through multiple phases of growth. Her responsibilities included serving as Etsy's Chief Product Officer, overseeing Etsy's Seller Services business globally, managing Corporate Development, leading the International growth team and serving as the company's first head of Marketplace Integrity and Trust & Safety teams. Patel Goyal began her career in M&A at Morgan Stanley and at General Atlantic Partners as a growth equity investor in technology businesses.
Lanny Baker Biography
Baker served as Chief Financial Officer of Eventbrite from September 2019 until November 2024. In August 2024, he added the role of Chief Operating Officer to his responsibilities. Prior to Eventbrite Baker was CFO at Yelp, where he led corporate finance, investor relations and workplace functions during a period of significant growth for the business. Baker has also served as the CEO and CFO at Zip Realty and CFO at Monster Worldwide.
Baker began his career as a highly respected equity research analyst in the internet and ecommerce sectors at Salomon Brothers (subsequently Salomon Smith Barney, then Citigroup). Baker has served as a member of the Board of Directors of multiple internet companies, including Leaf Group, XO Group, and HomeAway.
Brad Minor Biography
Minor joined Etsy in April 2022 as our Vice President of Brand Marketing & Communications, and was promoted to Chief Brand Officer earlier this year. He joined Etsy from Hubspot where he was Vice President of Brand, and prior to that he was SVP, Brand Marketing for Sirius XM. Minor's career journey has also included brand leadership roles in the financial services and hospitality sectors.
*Year-over-year growth rates for Depop compared to Depop-defined competitors were calculated using Consumer Edge data on quarterly
About Etsy
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces share a mission to "Keep Commerce Human," and we're committed to using the power of business and technology to strengthen communities and empower people. Our primary marketplace, Etsy.com, is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs.
Etsy, Inc.'s "House of Brands" portfolio also includes fashion resale marketplace Depop, and Reverb, the largest online marketplace dedicated to music gear. Each Etsy, Inc. marketplace operates independently, while benefiting from shared expertise in product, marketing, technology, and customer support.
Etsy was founded in 2005 and is headquartered in
Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (etsy.com/news) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Investor Relations Contact:
Deb Wasser, Vice President, Investor Relations & ESG Engagement
Sarah Marx, Director, Investor Relations
ir@etsy.com
Media Relations Contact:
Kelly Clausen, Vice President, Communications & Community
Lauren Bayse, Sr. Director, Corporate Communications
press@etsy.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains or references forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements relating to the timing of the executive team changes and Etsy's strategy for reigniting growth. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "could," "expect," "intend," "may," "plan," "will," or similar expressions and derivative forms and/or the negatives of those words.
Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. These risks and uncertainties include but are not limited to: (1) the level of demand for our services or products sold in our marketplaces and our ability to support our growth; (2) the importance to our success of the trustworthiness of our marketplaces and our ability to attract and retain active and engaged communities of buyers and sellers; (3) our failure to meet our publicly announced guidance or other expectations; (4) macroeconomic events that are outside of our control; (5) our ability to recruit and retain employees; (6) our ability to compete effectively; and (7) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of sellers and buyers. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur.
Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.
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SOURCE Etsy, Inc.
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