# EDGAR Filing Document

**Accession Number:** 0001370637
**File Stem:** 0001370637-25-000097
**Filing Date:** 2025-10
**Character Count:** 20261
**Document Hash:** 522a706cd7220341226499079f356307
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001370637-25-000097.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001370637-25-000097

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251024

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETSY INC
- **CENTRAL INDEX KEY:** 0001370637
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36911
- **FILM NUMBER:** 251426752

**BUSINESS ADDRESS:**
- **STREET 1:** 117 ADAMS STREET
- **CITY:** BROOKLYN
- **STATE:** NY
- **ZIP:** 11201
- **BUSINESS PHONE:** (718) 880-3660

**MAIL ADDRESS:**
- **STREET 1:** 117 ADAMS STREET
- **CITY:** BROOKLYN
- **STATE:** NY
- **ZIP:** 11201

?xml version='1.0' encoding='ASCII'? etsy-20251024

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_____________________________________

**FORM 8-K** 

_____________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 24, 2025**

![Etsy Logo.jpg](etsy-20251024_g1.jpg)

**ETSY, INC.**

**(Exact name of registrant as specified in its charter)**

_____________________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36911** | **20-4898921** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**117 Adams Street** 

**Brooklyn, New York 11201** 

**(Address of principal executive offices, including zip code)**

**(718) 880-3660** 

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

_____________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value per share | ETSY | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On October 29, 2025, Etsy, Inc. ("Etsy") announced certain changes to its Executive Team, as described below. All changes are effective as of January 1, 2026.

***Appointment of Kruti Patel Goyal as Chief Executive Officer and President***

On October 27, 2025, Etsy's Board of Directors (the "Board") approved the appointment of Kruti Patel Goyal, currently Etsy's President and Chief Growth Officer, as Etsy's Chief Executive Officer and President, effective January 1, 2026. Ms. Patel Goyal was also appointed to the Board effective January 1, 2026.

Ms. Patel Goyal, age 49, has served as Etsy's President and Chief Growth Officer since January 1, 2025. Prior to that, she served as Depop's Chief Executive Officer from September 2022 to March 2025 and as Etsy's Chief Product Officer from October 2019 to July 2022, and held several other senior leadership roles at Etsy.

On October 28, 2025, Ms. Patel Goyal and Etsy entered into a letter agreement (the "Patel Goyal Letter Agreement") governing the terms of her service as Etsy's Chief Executive Officer and President. Pursuant to the Patel Goyal Letter Agreement, Ms. Patel Goyal will receive a base salary of $700,000 per year and be eligible to participate in Etsy's Management Cash Incentive Plan (the "MCIP"), with an annual target bonus of 100% of her base salary. In addition, Etsy intends to grant Ms. Patel Goyal a promotion equity award consisting of 50% restricted stock units and 50% performance-based restricted stock units ("PSUs") with an aggregate grant date fair value of approximately $16,000,000, subject to the approval of Etsy's Compensation Committee.

Ms. Patel Goyal will continue to participate in Etsy's Executive Severance Plan (the "Executive Severance Plan"), subject to the terms and conditions thereof as well as her participation notice, which will provide that upon a (i) Qualifying CIC Termination (as defined in the Executive Severance Plan), she will receive eighteen (18) months of base-salary continuation, up to eighteen (18) months of company-paid COBRA coverage, full vesting of all outstanding equity awards, and, if such termination occurs after the third month of the fiscal year, a prorated target bonus for the year of termination and (ii) Qualifying Termination (as defined in the Executive Severance Plan) that is not a Qualifying CIC Termination, she will receive twelve (12) months of base-salary continuation, up to twelve (12) months of company-paid COBRA coverage and, if such termination occurs after the third month of the fiscal year, a prorated target bonus for the year of termination. In addition, upon a Qualifying Termination that is not a Qualifying CIC Termination, Ms. Patel Goyal will receive one year of additional vesting service credit with respect to unvested restricted stock units and options to purchase shares of Etsy's common stock and her PSUs will vest pro-rata based on the number of days she was continuously employed during the applicable performance period through the date of such Qualifying Termination, with the performance conditions deemed met (i) at actual performance for any PSUs for which the performance period has already been completed, (ii) at target performance for any PSUs that vest based on financial metrics for which the performance period has not yet been completed and (iii) the greater of target and actual performance for any PSUs that vest based on relative total shareholder return for which the performance period has not yet been completed. Ms. Patel Goyal will also receive continued tax support through the 2027 year as an extension of the benefits provided in connection with her prior secondment to Etsy's Depop subsidiary.

Ms. Patel Goyal has no family relationships with any of Etsy's directors or executive officers, and has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

This description of the Patel Goyal Letter Agreement is qualified in its entirety by reference to the full text of the Patel Goyal Letter Agreement, which is expected to be filed as an exhibit to Etsy's Annual Report on Form 10-K for the year ended December 31, 2025.

***Transition of Josh Silverman to the Role of Executive Chair***

On October 24, 2025, Josh Silverman notified the Board that he will resign as Etsy's Chief Executive Officer, effective December 31, 2025. In addition, on October 27, 2025, the Board approved Mr. Silverman's appointment as Executive Chair of the Board effective as of January 1, 2026. Mr. Silverman is expected to serve as Executive Chair through December 31, 2026 followed by a continued role as a non-executive Board member and Senior Advisor until April 1, 2027 (such periods, as may be earlier terminated by Etsy or Mr. Silverman, the "Executive Chair Term" and the "Senior Advisor Term," respectively).

On October 28, 2025, Mr. Silverman and Etsy entered into a letter agreement (the "Silverman Letter Agreement") governing the terms of his service as Executive Chair and Senior Advisor. Pursuant to the Silverman Letter Agreement, Mr. Silverman will remain an employee of Etsy and receive a base salary of $420,000 per year during the Executive Chair Term and will be eligible to participate in the MCIP, with an annual target bonus of 100% of his base salary. In addition, subject to the approval of Etsy's Compensation Committee, Etsy intends to grant Mr. Silverman an award consisting of PSUs with a grant date value equal to approximately $8,000,000, which will be eligible to vest on April 1, 2027, based on the achievement of performance measures established by Etsy's Compensation Committee that are broadly consistent with the performance measures used for the 2026 incentive compensation for Etsy's Executive Team. In addition, he will receive benefits for which he is eligible in accordance with his benefit elections during the Executive Chair Term. Mr. Silverman will be ineligible to receive a base salary or participate in the

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MCIP in respect of his service after December 31, 2026. Following such date, he will not receive any additional compensation or benefits from Etsy (other than continued vesting of his currently outstanding equity awards and the PSU award, as described above). In addition, except for the PSU award described above, Mr. Silverman will not be eligible for any further grants of equity awards.

The Silverman Letter Agreement provides that Mr. Silverman's outstanding restricted stock units and PSUs will continue to vest in accordance with their terms through the end of the Senior Advisor Term, and that his options will remain exercisable during the Executive Chair Period, the Senior Advisor Period and, if he continues to serve on the Board thereafter, during the period of that service but not beyond the original term of the applicable options. In the event that Mr. Silverman resigns for any reason during the Executive Chair Term or the Senior Advisor Term, he will forfeit all of his then unvested equity awards. In addition, upon the occurrence of a Change in Control (as defined in the Executive Severance Plan) prior to the end of the Senior Advisor Term, all then-outstanding equity awards held by Mr. Silverman that would have vested on or prior to April 1, 2027 will immediately vest and all other unvested equity awards will be immediately forfeited.

This description of the Silverman Letter Agreement is qualified in its entirety by reference to the full text of the Silverman Letter Agreement, which is expected to be filed as an exhibit to Etsy's Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](exhibit991102925.htm)</u> | <u>[Press Release issued by Etsy, Inc. on October 29, 2025](exhibit991102925.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

**ETSY, INC.**

By: <u>/s/ Colin Stretch</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colin Stretch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Legal Officer

Dated: October 29, 2025

## Exhibit 99.1

**Etsy Announces Leadership Transition:** 

**Kruti Patel Goyal to become Chief Executive Officer,** 

**Josh Silverman Transitions to Executive Chair, effective January 1, 2026**

**BROOKLYN, N.Y., October 29, 2025** – Etsy, Inc. (NYSE: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced a leadership transition plan. Etsy's current President and Chief Growth Officer, Kruti Patel Goyal, will become Chief Executive Officer and will join Etsy's Board of Directors effective January 1, 2026. This appointment comes as Josh Silverman has decided to step down as CEO, effective December 31, 2025. To provide continuity through this transition, Silverman is expected to serve as Executive Chair through December 31, 2026. Fred Wilson, who has served as the Chair of Etsy's Board since 2017, will step down as Chairman, but will continue to serve on Etsy's Board.

Josh Silverman said, "After over 8 years as Etsy's CEO, I've decided that this is the right time for me to hand over the leadership baton to the next generation. It has been an honor to lead Etsy and help foster creativity and self-expression in a world increasingly shaped by automation. Kruti is fabulously talented, and is the right leader to guide the business forward. In addition to her tremendous success as CEO of Depop, over the past year Kruti has evolved and led Etsy's strategic growth initiatives, which has led to improving top-line performance. She'll bring deep experience, a strong understanding of our customers, and a clear, forward-looking vision for Etsy's future as our next CEO. I remain confident in Etsy's continued growth—not only because of our unique marketplace, but because of the talented people behind it."

Fred Wilson commented, "We have full confidence in Kruti's ability to lead Etsy into its next chapter, serve our sellers and buyers, and deliver value to our stakeholders. The Board has been actively engaged in rigorous succession planning, and today's announcement reflects the exceptional contributions and leadership that Kruti has demonstrated during her tenure. I want to thank Josh for his visionary leadership over the past eight years. During that time, Etsy has grown in many dimensions — the number of shoppers has more than tripled, GMS has grown fourfold, revenue has grown nearly eightfold<sup>1</sup>, and Etsy's share price has appreciated by more than seven times<sup>2</sup>— all while staying true to its mission of keeping commerce human."

"I'm honored and excited to step into the CEO role at Etsy at such a pivotal time," added Kruti Patel Goyal. "As customer needs continue to evolve, Etsy will too — but we'll do it in a way that stays true to who we are, leaning into what makes us different: human connection, our sellers' creativity, and a distinctly personal shopping experience. I believe that we have been on the right track this year in our efforts to return our core marketplace to GMS growth and deliver value to our community and our shareholders."

**About Kruti Patel Goyal**

Kruti Patel Goyal is Etsy's President and Chief Growth Officer, responsible for bringing together all customer touch points to deliver a more compelling and inspiring experience for Etsy's millions of buyers and sellers. She oversees Product, Engineering, Marketing, Customer Support, Trust and Safety, and Strategy and Operations.

Kruti was named CEO of Depop in September 2022. During her tenure, gross merchandise sales and buyer base nearly doubled as Depop focused on strengthening its core marketplace and differentiated value proposition in the growing secondhand market. Under her leadership, Depop became the fastest-growing online apparel resale marketplace in the United States and was named to TIME's list of the 100 Most Influential Companies 2024.

Prior to joining Depop, Kruti worked at Etsy for over 10 years, serving in leadership roles through multiple phases of Etsy's growth. Her responsibilities included serving as Etsy's Chief Product Officer, overseeing Etsy's global Seller Services business, managing Corporate Development, leading the International Growth team and serving as the first head of Marketplace Integrity and Trust & Safety. Before joining Etsy, Kruti worked in strategy and business development at Viacom and at Product (RED). Kruti began her career in M&A at Morgan Stanley and at General Atlantic Partners in growth equity.

<sup>1</sup> Based on consolidated results for Active Buyers, Gross Merchandise Sales (GMS), and Revenue for the full year 2016 compared to the full year 2024, respectively.

<sup>2</sup> Based on share price as of May 3, 2017 compared to October 28, 2025.

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**About Etsy**

Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces share a mission to "Keep Commerce Human," and we're committed to using the power of business and technology to strengthen communities and empower people. Our primary Etsy marketplace is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs.

Etsy, Inc. also owns fashion resale marketplace Depop. Our marketplaces operate independently, while benefiting from shared expertise in product, marketing, technology, and customer support. Etsy was founded in 2005 and is headquartered in Brooklyn, New York.

Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (etsy.com/news) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings, and public conference calls and webcasts.

**Investor Relations Contact:**

Deb Wasser, Vice President, Investor Relations

Sarah Marx, Senior Director, Investor Relations

ir@etsy.com

**Media Relations Contact:**

Kelly Clausen, Vice President, Communications & Community

Lauren Bayse, Senior Director, Corporate Communications

press@etsy.com

**Cautionary Statement Regarding Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical facts, including statements relating to the timing of the leadership transition, future Board service, and Etsy's efforts to return our core marketplace to GMS growth. In some cases, forward-looking statements can be identified by terms such as "expect," "intend," "may," "plan," "will," or similar expressions and derivative forms and/or the negatives of those words. Many factors could cause the actual results to differ materially from those expressed in these forward-looking statements. These and other risks and uncertainties are more fully described in Etsy's filings with the Securities and Exchange Commission, including in the section titled "Risk Factors" in Etsy's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and subsequent reports that Etsy files with the Securities and Exchange Commission. In light of these risks, you should not place undue reliance on such forward-looking statements.

Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.

<br>