Dive Brief:
- Etsy has named Rafe Colburn as its chief technology officer, the artisan marketplace announced Thursday. He will step into the role on May 5.
- While Colburn is currently the chief technology and product officer at Depop, he spent nearly 10 years at Etsy. During his previous decade-long tenure, he led the company’s engineering teams through various growth periods, the company said.
- The company has also named Peter Semple, who currently serves as the chief marketing officer of Depop, as its interim CEO as the company continues to search for a permanent chief executive.
Dive Insight:
Etsy has drawn from Depop’s leadership team after purchasing the resale platform in 2021 for $1.63 billion. The mostly-cash deal allowed the artisan marketplace to expand into the rapidly growing apparel recommerce market and inherit Depop’s Gen Z customer base.
With a new CTO managing its digital operations, Etsy’s leadership shuffle continues. In December, the company announced Depop’s then-CEO, Kruti Patel Goya, would become president and chief growth officer at Etsy. At that time, CTO Rachanna Kumar left the company, along with Chief Operating and Marketing Officer Raina Moskowitz. Etsy named Lanny Baker as its new chief financial officer and appointed then-chief brand officer Brad Minor as Moskowitz’s successor.
“During his time at both Depop and Etsy, Rafe has proven he can set a technical strategy that enables us to scale our impact and connect more buyers with our global community of sellers,” Josh Silverman, CEO of Etsy, said in a statement. “He has a clear vision for creating shopping experiences that are highly differentiated, personalized, and relevant.”
Etsy’s CTO announcement may signal the company’s intentions with AI. In a statement, Colburn noted that the rapid maturation of artificial intelligence presents “an incredible opportunity for us to transform the shopping experience, engage with buyers in more meaningful ways, and create more economic opportunities for our sellers.”
In January 2024, Etsy debuted a gift recommendation tool that uses AI to suggest presents based on the occasion and the gift recipient's personality. Later that year, the company launched an ad campaign addressing artisan's AI anxieties. Meanwhile, its sister company, Depop, introduced a generative AI-powered tool last year to help sellers create product descriptions.
In Etsy’s fourth quarter earnings report, the company reported a 6.8% decline in gross merchandise sales year over year to $3.7 billion, and its active sellers fell 10% year over year to 8.1 million in Q4. Total revenue was up 1.2% for the quarter to $852 million and net income was up 56% to nearly $130 million.
