Etsy names former head of Depop, Kruti Patel Goyal, as its new CEO

online marketplace etsy Said It said Wednesday that its longtime CEO Josh Silverman will step down at the end of the year.

Kriti Patel Goyal, president and chief growth officer of Etsy, will become the company’s next CEO. Silverman, who led the market for eight years, will become its executive chairman.

Goyal worked at Etsy for more than 10 years until he was named CEO of social-commerce platform Depop, which Etsy bought four years ago. He has been in his current role for about seven months.

Etsy has faced challenges in growing its business and may be counting on Goyal’s experience leading Depop to help revive growth. In its third quarter For the year ended Sept. 30, the number of active buyers on Etsy fell 5% from a year earlier to 86.6 million. The company experienced a user boycott after allowing the sale of “Alligator Alcatraz” branded merchandise on its site in July.

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

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

Following the news, Etsy shares fell nearly 9%.