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May 3, 2017 12:00 am

Etsy Announces Its CEO Is Stepping Down; Plans To Cut 8% of Workforce

Etsy is saying goodbye to CEO Chad Dickerson and CTO John Allspaw, and hello to former Skype and Evite CEO Josh Silverman and VP of Engineering Mike Brittain. "The Board decided that it was time for new leadership to take Etsy forward and I support that decision," Dickerson said in the announcement, later adding, "I have the greatest degree of confidence in the long-term growth opportunities for Etsy under Josh's leadership." The press release also outlined plans to "eliminate approximately 80 positions, which is approximately 8% of the total workforce." TechCrunch reports: Dickerson (as well as Allspaw) will remain at Etsy in an advisory role until the end of May. He first joined the craft marketplace as CTO in 2008, then became CEO three years later -- he held the role when Etsy went public in 2015. He'll also be stepping down as chair of the company's board of directors, with Fred Wilson taking his place. When it went public, Etsy stock was initially priced at $16 per share and rose to nearly $35 on the first day of trading, but it was down at $11.39 per share at market close today. Hedge fund Black-and-White Capital LP is urging the company to explore strategic alternatives, including a possible sale.

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