Etsy CEO Chad Dickerson leaves abruptly

  • After almost six years on the job
  • Laud, praise and thanks for Dickerson
  • Josh Silverman taking over
  • Dickerson spoke at length and said 125 words

(exechange) — Brooklyn, New York, May 02, 2017 — Chad Dickerson, chief executive of Etsy, leaves. It is an abrupt change. As announced by Etsy, Inc. in a news release and in a regulatory filing published on Tuesday, May 02, 2017, Chad Dickerson leaves the post as Chief Executive Officer at the online crafts marketplace in a surprising move after almost six years on the job, effective May 03, 2017.

Dickerson’s duties are taken over by Josh Silverman, a former President of Consumer Products and Services at American Express.

Already a director

Silverman is already a director of Etsy. Often a board member is a last resort, someone who is turned to in desperation when a company can’t find other suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.

They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.

Having been a director, Silverman understands the expectations and dynamics of the board and has knowledge of Etsy’s organization, finances and strategy.

Dickerson’s move is part of a management shake-up also involving the position of Chief Technology Officer.

“The Board decided that it was time for new leadership”

The sudden management change is explained as follows. Dickerson said in a fairly blunt statement: “The Board decided that it was time for new leadership to take Etsy forward and I support that decision.”

Precise information about the future plans of Dickerson was not immediately available.

“Step down”

Etsy said: Chad Dickerson “will step down as CEO and Chair of the Board of Directors.”

Share price decline

The change follows a decline in the share price of Etsy, Inc. since April 2015.

Burda holds 9.11 percent stake

Burda GmbH reported a 9.11 percent stake in Etsy, Inc. as of December 30, 2016. Burda is a German privately held, family-owned global media company.

On the job as CEO since 2011

Chad Dickerson has been the Chief Executive Officer and President of Etsy, Inc. since July 2011 and has been its Chairman since October 2014.

Under Dickerson’s leadership, marketplace sales by Etsy’s community of more than a million sellers have grown significantly.

The company became a Certified B Corporation in 2012 and, in both 2013 and 2014, Etsy was named one of the Best Small & Medium Workplaces by the Great Place to Work® Institute.

In April 2015, Dickerson was appointed as a member of the US Advisory Committee for Trade Policy and Negotiations by President Barack Obama.

He serves on the boards of the DUMBO Business Improvement District, the Partnership for New York City and St. Ann’s Warehouse.

Prior to becoming CEO in 2011, Dickerson was Etsy’s CTO.

Before joining Etsy, Dickerson led Yahoo’s Brickhouse & Advanced Products team, and the Yahoo! Developer Network.

Notably, he created the Yahoo! Hack Day initiative, the first internal innovation program of its kind.

Almost entirely self-taught in all things tech, Dickerson was an early advocate for the power of the Internet as a disruptive platform.

He began his career in media, holding technical positions at InfoWorld Media Group, Salon.com, CNN, The Atlanta Journal-Constitution and the News and Observer in Raleigh, North Carolina.

Dickerson will serve in an advisory role to the Company through May 31, 2017.

Read the full story in the exechange report 19.2017 ($).