Josh Silverman's Turnaround Journey at Etsy

When Josh Silverman took over as CEO of Etsy, the company was facing financial difficulties and a lack of focus. He quickly realized that the key to success was to prioritize gross merchandise sales (GMS). By cutting down on unnecessary projects and focusing on initiatives that would impact GMS, Silverman was able to turn the company around. He also made important decisions such as raising the commission fee from 3.5% to 5% and reinvesting the additional revenue into marketing and support for sellers. Through his transparent leadership style and emphasis on Etsy's social mission, Silverman was able to inspire the team and create a culture of success.