Etsy Inc (NASDAQ:ETSY) stock took a hit on Wednesday following news that its CEO is stepping down.
Etsy Inc CEO Chad Dickerson is stepping down from the role and is being replaced by Josh Silverman. Dickerson is also leaving the role of Chairman of the Board. The Board of Directors, which Silverman is a part of, appointed him as the new CEO.
With Dickerson also stepping down as the Chairman of the Board, the Board of Directors has already selected a replacement. Fred Wilson, a member of the Board of Directors since 2007, will be taking over as Chairman of the Board.
Despite stepping down from the two roles he holds at Esty Inc, Chad Dickerson will remain with the company until the end of the month. During this time, he will hold an advisory position.
“The Board decided that it was time for new leadership to take Etsy forward and I support that decision,” the former Etsy Inc CEO said in a statement. “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.”
Etsy Inc has also announced that CTO John Allspaw is leaving the company. Mike Brittain, VP of Engineering, will be acting as interim CTO while the company searches for a replacement. Allspaw will also be staying on until the end of the month in an advisory role.
ETSY stock was down 7% as of noon Wednesday.