Etsy boots CEO, lays off staff as stock plummets

Etsy is unraveling.

The struggling online craft store announced a major shakeup on Tuesday as a dismal earnings report tanked its shares in after-hours trading.

Chad Dickerson, the company's CEO of six years, will cede his post to board member John Silverman.

SEE ALSO: Etsy proposes 3 ways to improve the gig economy in new report

The company also said it would lay off 80 employees — around 8 percent of its workforce.

New York City venture capitalist Fred Wilson of Union Square Ventures will replace Dickerson on Etsy's board of directors.

The site's stock was trading down nearly 16 percent as of Tuesday evening. Read more...

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