Etsy Inc (NASDAQ:ETSY, ETR:3E2) shares moved higher as the online marketplace announced a key leadership change aimed at unifying its product and technology strategy.
The company said Rafe Colburn, its current chief technology officer, will expand his role to become chief product and technology officer.
Colburn, who rejoined Etsy as CTO after serving as chief product and technology officer at Depop, previously held leadership roles in engineering and product development within Etsy.
He will oversee both the product and engineering organizations for Etsy’s marketplace and will continue reporting to Kruti Patel Goyal, the company’s president and chief product officer.
“Rafe truly understands the needs of the Etsy community, has a proven track record of scaling two-sided marketplaces, and motivates and inspires teams to deliver outstanding user experiences,” Goyal said in a statement.
“With this expanded scope, Rafe will play an even greater role in ensuring that we leverage technology in a way that translates to a seamless and differentiated shopping experience.”
This comes following the planned departure of chief product officer Nick Daniel, who will remain with Etsy in an advisor capacity until October.
Investors responded positively to the consolidation of product and technology under Colburn’s leadership, sending Etsy shares up 7.5% at about $58.