BROOKLYN, N.Y., July 31,
2024 /PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY), which
operates two-sided online marketplaces that connect millions of
passionate and creative buyers and sellers around the world,
announced today that Rachel Glaser,
Etsy's Chief Financial Officer, has decided to retire after a
nearly 40-year career in strategic finance roles, including over
seven years in her current role. Etsy has retained an executive
recruiting firm to assist in the search for her successor. Ms.
Glaser is expected to remain in her current role until a successor
is appointed, and to remain with Etsy in an advisory capacity
through June 30, 2025 to support
continuity and a smooth transition.
Since joining Etsy in 2017, Rachel has led Etsy's strategic
finance, corporate development, accounting, SEC reporting, investor
relations, and other core functions. She has played a key role in
scaling Etsy's core marketplace and expanding Etsy into a House of
Brands. During her tenure, Etsy's consolidated gross merchandise
sales (GMS) and revenue have increased by fourfold and sixfold,
respectively, with adjusted EBITDA margins expanding at an even
faster pace, and Etsy has generated over $3
billion of net cash provided by operating activities. Etsy's
global seller and buyer communities have also grown exponentially
during this timeframe.*
Etsy, Inc. Chief Executive Officer Josh
Silverman commented, "Rachel has been a strategic partner
and a key to the tremendous success we have achieved since 2017. I
believe every CFO wants to get measured on results, and Rachel has
so much to be proud of in that regard. Beyond the numbers, Rachel
leads with optimism and heart, helping craft our culture and our
team's operational excellence. She has built a strong team, and I
am grateful she chose Etsy to serve as the culmination of her
impressive career. Our entire community will continue to benefit
from the impact she has made."
Rachel Glaser, Chief Financial
Officer, added, "I could not be prouder to be part of everything
the Etsy team has accomplished over the past seven years. I am
excited to help identify and transition my responsibilities to a
successor. I'm confident Etsy can continue its ambitious strategy
for sustainable, profitable growth, and advance its mission of
keeping commerce human."
*All comparisons are fiscal year 2017 to fiscal year 2023 on a
consolidated basis. Etsy, Inc. number of global sellers increased
from 2 million to 9 million and number of buyers increased from 33
million to 96 million.
Rachel Glaser Bio
Rachel has been responsible for overseeing Etsy's global
financial operations since 2017. Prior to that, she served as Chief
Financial Officer of the Leaf Group and Move, Inc. Rachel also held
roles at Yahoo! Inc. as Senior Vice President, Operations Finance
and at The Walt Disney Company, where she spent nearly 20 years in
positions of increasing responsibility in finance and operations
teams. Rachel has served as a member of the Board of Directors of
The New York Times Company since 2018.
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 to strengthen
communities and empower people. Our primary marketplace, Etsy.com,
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.'s "House of Brands" portfolio also includes fashion
resale marketplace Depop, and Reverb, the largest online
marketplace dedicated to music gear. Each Etsy, Inc. marketplace
operates 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, public
conference calls, and webcasts.
Investor Relations Contact :
Deb Wasser, Vice President,
Investor Relations and ESG Engagement
ir@etsy.com
Media Relations Contact :
Sarah Marx, Director, Corporate
Communications
press@etsy.com
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains or references forward-looking
statements within the meaning of the federal securities laws.
Forward-looking statements include statements relating to the
timing of Ms. Glaser's retirement and her future advisory role and
Etsy's strategy for sustainable, profitable growth. Forward-looking
statements include all statements that are not historical facts. In
some cases, forward-looking statements can be identified by terms
such as "believe," "could," "expect," "intend," "may," "plan,"
"will," or similar expressions and derivative forms and/or the
negatives of those words.
Forward-looking statements involve substantial risks and
uncertainties that may cause actual results to differ materially
from those that we expect. These risks and uncertainties include
but are not limited to: (1) the level of demand for our services or
products sold in our marketplaces; (2) the importance to our
success of the trustworthiness of our marketplaces and our ability
to attract and retain active and engaged communities of buyers and
sellers; (3) the fluctuation of our quarterly operating results;
(4) our failure to meet our publicly announced guidance or other
expectations; (5) any real or perceived inaccuracies in our
operational metrics; (6) if we or our third-party providers are
unable to protect against technology vulnerabilities, service
interruptions, security breaches, or other cyber related events;
(7) our dependence on continued and unimpeded access to third-party
services, platforms, and infrastructure; (8) macroeconomic events
that are outside of our control; (9) operational and compliance
risks related to our payments systems; (10) our ability to recruit
and retain employees; (11) our ability to compete effectively; (12)
enforcement of our marketplace policies; (13) our ability to
enhance our current offerings and develop new offerings to respond
to the changing needs of sellers and buyers; (14) risks related to
our environmental, social, and governance activities and
disclosures; (15) our efforts to expand our operations outside of
the United States; (16)
acquisitions that may prove unsuccessful or divert management
attention; (17) failure to deal effectively with
fraud; (18) compliance with evolving regulations,
including in the area of privacy and data protection; (19)
litigation and regulatory matters, including intellectual property
claims; and (20) the timing of Ms. Glaser's retirement and
transition. These and other risks and uncertainties are more fully
described in our filings with the Securities and Exchange
Commission, including in the section entitled "Risk Factors" in our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and subsequent reports that we
file with the Securities and Exchange Commission. Moreover, we
operate in a very competitive and rapidly changing environment. New
risks emerge from time to time. It is not possible for our
management to predict all risks, nor can we assess the impact of
all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements
we may make. In light of these risks, uncertainties, and
assumptions, we cannot guarantee future results, levels of
activity, performance, achievements, or events and circumstances
reflected in the forward-looking statements will occur.
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.
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SOURCE Etsy, Inc.