-
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
BROOKLYN, N.Y., Dec. 5, 2024
/PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY), which operates
two-sided online marketplaces that connect millions of passionate
and creative buyers and sellers around the world, today announced
several Executive Team changes.
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 U.S.*, by offering a fresh and engaging
experience for our community that they can't find anywhere else.
And I'm equally excited to return to Etsy to help Josh and our team
reignite growth by delivering a uniquely compelling and meaningful
experience across every customer touchpoint, powered by the human
connection that defines Etsy."
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 9% year-over-year in 2023,
and up over 30% for the nine months ended September 30, 2024.) Depop was named to TIME's
list of the TIME100 Most Influential Companies 2024.
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
U.S. credit card spending.
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 Brooklyn, New York.
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.