Shares of Etsy (ETSY) are getting a boost Thursday morning after the company announced plans to buy back another $750M shares in addition to the $200M remaining on the current share repurchase agreement.
“Given we had approximately $1.6 billion in cash at the most recent quarter-end, and generated strong free cash flow, this new authorization will allow us to continue our track record of share repurchases, while also making strategic and disciplined investments in support of both Etsy’s and Depop’s growth,” outgoing CEO Josh Silverman said.
The company also announced the appointment of current board chairman Fred Wilson as Lead Independent Director effective January 1. Wilson’s appointment follows October’s appointment of Kruti Patel Goyal as the company’s new CEO, also effective January 1.
Silverman will step down as the company’s CEO but will serve as executive chair through December 31, 2026.
Etsy (ETSY) shares are 3% higher in premarket trade.
