Etsy CEO Josh Silverman will step down from his position and move to the role of executive chairman at the end of the year, the online marketplace said Wednesday.

Kruti Patel Goyal, the CEO of Etsy-owned clothing resale app Depop, will take the helm at Etsy effective Jan. 1, 2026, the company said.

Etsy shares fell more than 9% in premarket trading following the news, which was announced alongside its third-quarter earnings report. The company reported a beat on the top and bottom lines, but gross merchandise sales were down year over year and came in below Wall Street’s expectations.

Silverman, a former eBay executive, held the top job for the last eight years and guided the company through a demand surge brought on by the Covid-19 pandemic, when shoppers flocked to the site to buy up face masks.

Etsy has struggled to grow its business since the pandemic e-commerce boom, while it continues to contend with stiff competition from Amazon and Shopify, as well as China-linked upstarts Temu, Shein and TikTok Shop.

President Donald Trump’s shifting tariff policies have also strained some Etsy sellers’ businesses, particularly the removal of the “de minimis” exception in August, which meant shipments under $800 were allowed to enter the country virtually duty-free.

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