Etsy’s Chief Product Officer Kruti Patel Goyal to Become New CEO of Depop
July 22, 2022
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Etsy’s ($NASDAQ:ETSY) Chief Product Officer Kruti Patel Goyal will become the new CEO of Depop, effective September 12, 2022. Goyal succeeds current Depop CEO Maria Raga, who has resigned to pursue personal ventures. This leadership change may affect Etsy’s market and earnings in the long term. As Chief Product Officer, Goyal has been responsible for Etsy’s overall product strategy and roadmap. She will now be focused on leading Depop, which could mean less attention paid to Etsy. Only time will tell how this change will impact the company.
On Wednesday, ETSY stock opened at $87.9 and closed at $92.7, rise by 6.0% from previous closing price of 87.4. Etsy has been working to expand its reach in recent years and this move is likely to help them appeal to a wider audience. Depop has a strong following among Gen Z users and this move will help Etsy tap into that market.
Company’s fundamentals reflect its long term potential: The company’s fundamentals, including its financials, business model, and competitive landscape, suggest that it has strong long-term potential.
However, there are some risks to consider before investing, as discussed below.
Based on VI Risk Rating, ETSY is a high risk investment: Our Risk Rating for ETSY is high, due to its relatively high financial and business risks.
However, its strong fundamentals suggest that these risks may be manageable and that the company has good long-term potential.
Etsy’s stock price rose 6.0% the day after the news was announced. This is likely due to investors believing that Goyal will be able to successfully lead Depop and grow the company. Etsy sees Depop as a complementary business that can help it reach a younger demographic. She is widely respected within the company, and her appointment as CEO of Depop is a vote of confidence from Etsy’s management. This is likely due to investors believing that Goyal will be able to successfully lead Depop and grow the company. Etsy sees Depop as a complementary business that can help it reach a younger demographic.
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