Yesterday, we learned Etsy CEO Maria Thomas was out, to be replaced by co-founder and ex-CEO Rob Kalin.
The reason appears to be that Etsy, which has devoted customer base and a stellar brand, wasn’t growing and developing fast enough.
At first blush, the Brooklyn-based eBay-for-handmade-goods seems to be doing well enough.
It’s profitable and gross merchandise sales reached $130 million at the end of October — up from $88 million over all of 2008 (and up from $26 million in 2007).
But you have to keep in mind that Etsy only keeps 3.5% of those sales. Even with other revenue lines tacked on, including listing fees, we estimate the company’s revenues remain below $10 million. The hope is that Rob’s return will spur the kind of revitilization that came to Dell and Apple when their founders came back.