Etsy's long-time CEO, Josh Silverman, is stepping down by the end of the year.
Kruti Patel Goyal, former head of Depop, will replace him as CEO. Goyal has been Etsy's president and chief growth officer for about seven months.
Silverman will become executive chairman after leading the marketplace for eight years.
Goyal previously worked at Etsy for over 10 years before becoming Depop's CEO, which Etsy acquired four years ago.
Etsy faces challenges in growing its business, with a 5% decline in active buyers to 86.6 million in the third quarter.
Etsy may be looking to Goyal's experience leading Depop to help revive growth.
Author's summary: Kruti Patel Goyal replaces Josh Silverman as Etsy's CEO.