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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.