Online marketplace Etsy said on Wednesday that its long-time CEO, Josh Silverman, would 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 headed the marketplace for eight years, will become its executive chairman.

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

Etsy has faced challenges in growing its business and may be looking to Goyal’s experience leading Depop to help revive growth. In its third quarter ended September 30, the number of active buyers on Etsy fell 5% to 86.6 million from a year earlier. The company experienced a user bo

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