Etsy, Inc. has appointed Kruti Patel Goyal as its next Chief Executive Officer, effective January 1, 2026, succeeding Josh Silverman, who will step down after eight years in the role.
Silverman will move into the position of Executive Chair through December 31, 2026, providing continuity during the handover. Goyal currently serves as President and Chief Growth Officer at Etsy and previously led Depop, the resale marketplace Etsy acquired in 2021.
The leadership announcement was made alongside Etsy’s third-quarter earnings report. Silverman said, “After over eight years leading Etsy, I believe now is the right time for this transition. Kruti is an exceptional leader who deeply understands our community and business.”
Transition Details and Timing
Etsy confirmed that the leadership change will take effect on January 1, 2026. Silverman will assume the role of Executive Chair immediately, while Fred Wilson, Etsy’s long-time Board Chair, will step down from that position but remain on the board. The company described the leadership handover as a planned succession process.
In its third-quarter 2025 results, Etsy reported gross merchandise sales (GMS) of US $2.72 billion, down from US $2.92 billion a year earlier. Revenue stood at US $678 million, up 6 percent excluding a divested business, with a take rate of 24.9 percent.
Active buyers declined 5 percent year-over-year to 86.6 million, while active sellers dropped 10.9 percent to 5.5 million. Etsy cited changing consumer spending habits and new U.S. import regulations as key headwinds. Following the announcement, Etsy’s stock fell about 9 percent in pre-market trading.
Silverman will remain involved through 2026, focusing on long-term strategy and board support. Etsy stated that the structure is designed to ensure continuity during a year of operational transition.
Goyal’s Background and Experience
Kruti Patel Goyal joined Etsy in 2010 and has held senior roles across product, marketing, and operations. She previously served as Chief Product Officer and Chief Operating Officer before becoming CEO of Depop Ltd. in 2022. At Depop, she led growth across user engagement and product innovation, helping the platform expand its reach among Gen Z sellers and buyers.
She returned to Etsy in January 2025 as President and Chief Growth Officer, overseeing product, marketing, member support, and strategy. In her first public statement as incoming CEO, Goyal said, “I’m honoured to step into the CEO role at Etsy at such a pivotal time. We will continue to serve our global community by focusing on human connection, creativity, and a distinctly personal shopping experience.”
Her experience at Depop and long tenure at Etsy give her deep familiarity with marketplace dynamics and the company’s creative seller base. Goyal will also join Etsy’s board of directors upon assuming the CEO role.
Marketplace Context and Challenges
Etsy operates one of the largest global marketplaces for handmade and vintage goods, connecting nearly 90 million buyers to over 5 million sellers. While the company remains profitable, it has faced slower transaction volumes through 2024 and 2025. According to its Q3 report, core marketplace GMS declined 2.4 percent year-over-year to US $2.43 billion, reflecting cautious consumer spending and increased competition across e-commerce platforms.
The company also noted that the removal of the U.S. “de minimis” duty-free exemption for imports under US $800 has impacted international sales, particularly for smaller sellers relying on cross-border orders. Etsy said it is assisting sellers in navigating new shipping and compliance requirements to maintain cross-market activity.
Despite the decline in GMS, Etsy’s revenue increased by 6 percent, driven by higher ad adoption and growth at its subsidiary marketplaces, including Depop and Reverb, the musical instrument marketplace. Etsy ended the quarter with about 2,500 employees and continued to generate positive free cash flow.
In its Q3 earnings release, the company projected fourth-quarter GMS between US $3.50 billion and US $3.65 billion, expecting steady performance through the holiday season.
With Goyal stepping in, Etsy’s board completes a long-planned transition that keeps leadership within its existing executive bench. Silverman’s move to Executive Chair allows him to guide strategic initiatives while Goyal leads day-to-day operations.
Etsy enters 2026 with a defined leadership roadmap, clear operational focus, and continuity across its senior management team as it adapts to a shifting marketplace.
