Etsy is a global creative commerce
platform. We build markets, services and economic opportunity for
creative entrepreneurs. Within our markets, millions of people around
the world connect, both online and offline, to make, sell and buy
unique goods. We also offer a wide range of Seller Services and tools
that help creative entrepreneurs start, manage and scale their
businesses. Our mission is to reimagine commerce in ways that build a
more fulfilling and lasting world, and we're committed to using the
power of business to strengthen communities and empower people.
Etsy was founded in 2005 and is headquartered in Brooklyn, New York.
Etsy, Inc. Reports First Quarter 2017 Financial Results
Announces CEO Transition
N.Y., May 2, 2017 /PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY), which
builds markets, services and economic opportunity for creative
entrepreneurs, today announced financial results for its first quarter,
ended March 31, 2017.
Senior Leadership Transition
also announced that the Etsy Board of Directors has appointed Josh
Silverman, a director on the Board since November 2016, as CEO,
effective May 3, 2017. Josh succeeds Chad Dickerson, who will step down
as CEO and Chair of the Board of Directors. Chad will serve in an
advisory role to the Company through May 31, 2017. Fred Wilson, who
joined the Etsy Board in June 2007 and has served as lead independent
director since October 2014, will succeed Chad as Chair of the Board.
As the new CEO
of Etsy, Josh has two decades of product development, marketing and
e-commerce expertise. His deep industry experience includes leading and
growing consumer technology companies and scaling global marketplaces.
Josh previously served as President of Consumer Products and Services
at American Express. Before American Express, Josh was CEO of Skype,
CEO of shopping.com, an eBay company, and held various executive roles
at eBay. He was also a co-founder and CEO of Evite, Inc. and he
currently serves on the board of directors of Shake Shack.
"Etsy is very fortunate to have Josh stepping into the CEO role at this
time. He brings twenty years of senior leadership in technology and
marketplace businesses to Etsy. In the six months that Josh has been on
our Board, we have gotten to know him well and he has gotten to know us
well. That will make for an easier transition and faster execution. I
am pleased to be appointed Chair of the Etsy Board and I am looking
forward to working closely with Josh and the leadership team to help
Etsy capitalize on its significant growth opportunities."
"On behalf of the Board and the entire Etsy team, I want to thank Chad
for building Etsy into the wonderful company that it is. Over the last
six years as CEO, Chad has transformed a chaotic startup into a world
class company, and in the process grew the revenues our sellers make
over nine times, the revenues Etsy generates almost fourteen times and
the operating profit Etsy generates almost fifteen times. And in doing
that, Chad never lost sight of the original vision and the unique
culture that makes Etsy the very best home for creative entrepreneurs.
We have benefited greatly from his leadership."
Josh said, "I
have a deep appreciation for the mission of Etsy and the unique role
that it plays in global e-commerce. Our focus will remain on delivering
value to our community, including our shareholders. Having worked at
other marketplaces, I recognize how difficult it is to create a
differentiated value proposition for buyers that provides a unique
opportunity for sellers—and Etsy has done that. In the coming weeks, I
look forward to listening and learning from our employees, sellers,
buyers and shareholders to help ensure we are focusing on the most
value-enhancing near- and long-term opportunities."
Chad said, "It
has been an honor to lead Etsy as CEO for the past six years and the
three years before that as CTO. The Board decided that it was time for
new leadership to take Etsy forward and I support that decision. I
deeply admire and respect each and every person on the Etsy team who
has worked so hard during my tenure to deliver a great experience for
Etsy buyers and economic empowerment for creative entrepreneurs around
the world. I have the greatest degree of confidence in the long-term
growth opportunities for Etsy under Josh's leadership. I wish the
company and the community the greatest success and look forward to
supporting the global community of Etsy sellers as a regular buyer
after the transition."
the Company also announced that John Allspaw, Chief Technology Officer,
will be leaving the Company and Mike Brittain, VP of Engineering, will
be named interim CTO. Mr. Allspaw will serve in an advisory role to the
Company through May 31, 2017.