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E-commerce Site Etsy Names New CEO as Shares Plummet 14%

Etsy, an e-commerce site for handmade goods, said on Tuesday that CEO Chad Dickerson would step down, to be succeeded as CEO by board member Josh Silverman later this week.

The marketplace also reported a first-quarter loss of $421,000 after earning $1.2 million a year ago. One of its shareholders, Black-and-White Capital, earlier on Tuesday called on Etsy to explore a sale and separate the roles of chairman and CEO.

Fred Wilson, a director on Etsy’s board since 2007, will take over the chairmanship, the company said.

Etsy’s shares (ETSY) fell 14% to $9.75 in after hours trading on Tuesday.