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Longtime Etsy CEO Chad Dickerson is out. The Etsy board is replacing him with board director Josh Silverman starting May 3.

Dickerson had served as Etsy’s CEO since 2011. Before that he was the company’s CTO, and before that, he was a Yahoo.

Dickerson is losing his spot as chairman of the board as well. New York investor Fred Wilson will take his spot.

In Etsy’s Q1 2017 earnings press release today, Dickerson said, “The Board decided that it was time for new leadership to take Etsy forward and I support that decision. … I have the greatest degree of confidence in the long-term growth opportunities for Etsy under Josh’s leadership. I wish the company and the community the greatest success and look forward to supporting the global community of Etsy sellers as a regular buyer after the transition.”

Etsy’s stock price fell more than 14 percent after the news was announced during after-hours trading.

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