Online market Etsy Inc. will elevate chief development officer Kruti Patel Goyal to the CEO job, entrusting the firm veteran with navigating the synthetic intelligence period.
Josh Silverman, the present chief government officer, is about to hand the reins to Goyal after eight years in the function, Etsy mentioned on Wednesday. She turns into CEO on Jan. 1, when she may also be a part of the board.
Goyal, 49, is taking up an e-commerce enterprise that has suffered slowing development lately. Revenue is projected to rise simply 1 % in 2025 — a pointy deceleration from a pandemic-fuelled gross sales increase 5 years in the past.
“As customer needs continue to evolve, Etsy will too,” Goyal mentioned in a press release. “But we’ll do it in a way that stays true to who we are, leaning into what makes us different: human connection, our sellers’ creativity and a distinctly personal shopping experience.”
Goyal has labored at New York-based Etsy since 2012. She began on vendor and product groups, ultimately changing into chief product officer in 2019. Goyal then took over as CEO of Depop in 2022 after Etsy acquired the secondhand market for $1.6 billion the earlier yr.
She spent virtually three years main Depop earlier than returning to Etsy’s essential enterprise earlier this yr. Etsy and Depop function independently.
“I asked Kruti to come back to Etsy at the beginning of this year, with an eye to her having the right skills to be the person to lead the business,” Silverman mentioned in an interview. “She’s already been laying the foundation here, relaying our strategic priorities, changing our leadership team and driving machine learning and matching.”
Silverman will stay government chair via the finish of 2026 to guarantee a easy transition, mentioned the firm, which is understood for providing handmade items and weird presents.
Etsy desires to use AI to assist shoppers and sellers keep away from the on-line buying world’s “sea of sameness,” Silverman mentioned.
“We think Etsy is uniquely positioned to win in AI,” he mentioned. “We have really unique inventory and a strong engineering culture that can keep up.”
By Caroline Hyde, Paayal Zaveri
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