Etsy has appointed former Depop boss Kruti Patel Goyal as its new CEO

Online marketplace company Etsy said Wednesday that its longtime CEO, Josh Silverman, will step down by the end of the year.

Kruti Patel Goyal, Etsy’s president and chief growth officer, will become the company’s next CEO. Silverman, who has headed the market for eight years, will become its CEO.

Goyal worked at Etsy for more than 10 years until she was named CEO of the social commerce platform Depop, which Etsy bought four years ago. She has been in her current position for approximately seven months.

Etsy has faced challenges growing its business and may be looking to Goyal’s experience leading Depop to help revive growth. In the third quarter ending September 30, the number of active buyers on Etsy fell 5% to 86.6 million compared to the previous year. The company saw a user boycott in July after allowing “Alligator Alcatraz” branded merchandise to be sold on its site.

Sellers on Etsy fell 10.9% to 5.5 million in the third quarter, compared to the previous year. Gross merchandise sales (GMS) for the quarter fell 2.4% to $2.4 billion.

In contrast, Depop performed well, with active sellers up 40% to 3 million and active buyers up 38% to 6.6 million. Depop’s GMS jumped 39.4% to $292.1 million.

Following this news, Etsy shares fell nearly 9%.