BROOKLYN - Etsy, Inc. (NASDAQ: NASDAQ:ETSY), the global online marketplace known for unique and creative goods, today announced the planned retirement of Rachel Glaser, the company's Chief Financial Officer. Glaser will continue in her role until a successor is appointed and will serve as an advisor until June 30, 2025, to ensure a smooth transition.
Glaser's tenure at Etsy, beginning in 2017, has been marked by significant financial growth. Under her leadership, Etsy's gross merchandise sales and revenue have increased fourfold and sixfold, respectively. The company's adjusted EBITDA margins have expanded rapidly, and Etsy has generated over $3 billion from operating activities. The global seller and buyer communities have also seen exponential growth, with seller numbers rising from 2 million to 9 million and buyer numbers from 33 million to 96 million.
Josh Silverman, CEO of Etsy, credited Glaser as a strategic partner pivotal to Etsy's success, highlighting her role in scaling the marketplace and expanding into a House of Brands, which includes Depop and Reverb. Glaser expressed pride in her contributions and confidence in Etsy's ongoing strategy for growth.
Before joining Etsy, Glaser held CFO positions at Leaf Group (NYSE:LEAF) and Move, Inc., and had roles at Yahoo! Inc (NASDAQ:AABA). and The Walt Disney Company (NYSE:DIS). She has been on The New York Times Company's Board of Directors since 2018.
Etsy's search for Glaser's successor is underway, with an executive recruiting firm engaged in the process. The announcement comes as Etsy continues its mission to "Keep Commerce Human" and leverages its House of Brands to empower communities and individuals through its marketplaces.
InvestingPro Insights
As Etsy prepares for a leadership transition with the retirement of CFO Rachel Glaser, the company's financial health remains a key factor for investors and stakeholders. Etsy's management has demonstrated confidence in its financial strategy by aggressively buying back shares, reflecting a commitment to shareholder value. This aligns with the company's robust financial growth during Glaser's tenure, with gross merchandise sales and revenue increasing significantly.
The company's impressive gross profit margins are evident, with the last twelve months as of Q1 2024 showing a gross profit margin of 70.41%. This high margin underscores Etsy's ability to maintain profitability in its unique marketplace. Additionally, the company's P/E ratio stands at 26.88, with an adjusted P/E ratio for the same period indicating a more attractive valuation at 20.1. This suggests that Etsy is trading at a low price relative to its near-term earnings growth, presenting potential value for investors.
InvestingPro Tips also highlight that Etsy has been profitable over the last twelve months and analysts predict the company will remain profitable this year. With a market capitalization of $7.64 billion, Etsy continues to be a significant player in the e-commerce space. For those interested in further insights, there are 11 additional InvestingPro Tips available, providing a deeper analysis of Etsy's financial position and market performance.
For detailed financial metrics and strategic insights that can guide investment decisions, visit the InvestingPro platform for Etsy at https://www.investing.com/pro/ETSY.
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