Etsy replaces CEO and cuts 80 employees

Etsy is unraveling.

The struggling online craft store announced a major shakeup on Tuesday May 2 as a dismal earnings report tanked its shares in after-hours trading.

Chad Dickerson, the company's CEO of six years, will cede his post to board member John Silverman.

The company also said it would lay off 80 employees — around 8 percent of its workforce.

New York City venture capitalist Fred Wilson of Union Square Ventures will replace Dickerson on Etsy's board of directors.

Continue reading on Mashable.

Other sources:

http://abcnews.go.com/Business/wireStory/etsy-replaces-ceo-cuts-jobs

https://techcrunch.com/2017/05/02/etsy-new-ceo/

https://venturebeat.com/2017/05/02/etsy-fires-ceo-chad-dickerson/

Views: 107

Comment

You need to be a member of crafthaus to add comments!

Join crafthaus

Comment by The Justified Sinner on May 9, 2017 at 9:53am

There is absolutely no surprise here. Several things came into play:

1) Amazon aggressively targeted the Etsy market;

2) Etsy lost focus about four years ago when they set up as a kind of shabby-chic rival to Ebay;

3) There simply isn't the cash about that there was even a few years back.

I pulled my account two years ago as I just wasn't making sales. I think that it is the wrong venue for high-quality craft and Amazon spotted this, responding with a curated marketplace.

I think that this is really sad: I will be sorry if it folds (it won't, but it may be taken over by the likes of Ebay or Amazon) or majorly changes as I loved the idea when I first found it but it is not a marketplace for the cash-strapped post-truth future.

Latest Activity

Rebecca Skeels commented on Rebecca Skeels's group The Association for Contemporary Jewellery
"The Workshop Lin Cheung (UK) Locating the Precious August 25th – 31st 2019 Lin Cheung is a jewellery artist from the UK. She graduated from the Royal College of Art with an MA in Goldsmithing, Silversmithing, Metalwork and Jewellery. She…"
19 minutes ago
Lesley Aine McKeown joined Rebecca Skeels's group
Thumbnail

The Association for Contemporary Jewellery

The Association for Contemporary Jewellery is devoted to the promotion, representation, understanding and development of contemporary jewellery in the United Kingdom and abroad. See More
Saturday
Lesley Aine McKeown shared Brigitte Martin's page on Facebook
Saturday
Lesley Aine McKeown shared Brigitte Martin's page on Facebook
Saturday

Videos

  • Add Videos
  • View All

© 2019   Created by Brigitte Martin.   Powered by

Badges  |  Report an Issue  |  Terms of Service