Josh Silverman
Also at ETSY Inc
About
Josh Silverman is 55 years old and has built a reputation as a dynamic leader in the technology and online marketplace sectors. Over the years, his career has seen him take on various high-profile roles, starting with founding and leading companies such as Evite and continuing through executive positions at industry giants like eBay, Shopping.com, and Skype.
In May 2017, he embarked on his tenure at Etsy, assuming the dual role of President and Chief Executive Officer. In this role, his strategic vision and operational expertise have been pivotal in connecting millions of buyers and sellers globally, while also fostering significant revenue and gross merchandise sales growth.
Alongside his responsibilities at Etsy, he has served on the boards of notable companies such as Shake Shack Inc., contributing his leadership insights in corporate governance and strategic oversight. His career trajectory underlines a consistent commitment to scaling businesses and driving innovation, making him a key figure in shaping the future of online consumer marketplaces.
$ETSY Performance Under Josh Silverman
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Hellman & Friedman | Senior Operating Advisor | 2017 | Held role as a private equity advisor |
| Greylock Partners | Executive in Residence | 2016 | Served in a venture capital capacity |
| American Express Company | President of Consumer Products and Services | 2011 to 2015 | Led consumer products and services division |
| Skype | Chief Executive Officer | 2008 to 2010 | Oversaw company operations as CEO |
| Shopping.com (an eBay company) | Chief Executive Officer | 2006 to 2008 | Led the eBay company's Shopping.com division |
| eBay | Various Executive Roles | Pre-2006 | Held multiple executive roles |
| Evite, Inc. | Co-Founder and Chief Executive Officer | 1998 to 2001 | Held role until the company’s sale |
External Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Shake Shack Inc. | Board Member | Current | Member of the audit committee and the nominating and corporate governance committee |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | $660,000 (Actual Earned: $652,603 ) | Annually as of Dec 31, 2023 | Annual base salary component for 2023 |
| All Other Compensation | $44,771 | 2023 | Includes 401(k) Plan Matching of $12,200 and Health & Welfare Benefits of $32,571 |
Performance Compensation
Annual Cash Incentive Program
| Metric | Value | Details |
|---|---|---|
| Base Salary | $660,000 | Used as the basis for the incentive calculation |
| Target Opportunity | $792,000 (120% of Base Salary) | The target cash incentive opportunity for 2023 |
| Actual Incentive Payout | $396,000 (50% of Target) | Payout capped at 50% due to business performance conditions and the Restructuring Plan |
| Performance Metrics & Weights | GMS: 40%, Revenue: 30%, EBITDA: 30% | Corporate metrics used in the incentive formula |
| GMS Threshold/Target/Stretch | Threshold: $12,120M, Target: $13,452M, Stretch: $14,783M | Actual GMS: $13,161M resulting in a 35% weighted payout |
| Revenue Threshold/Target/Stretch | Threshold: $2,445M, Target: $2,714M, Stretch: $2,983M | Actual Revenue: $2,748M resulting in a 34% weighted payout |
| EBITDA Margin Threshold/Target/Stretch | Threshold: 24.5%, Target: 26.0%, Stretch: 27.4% | Actual EBITDA Margin: 27.4% resulting in a 60% weighted payout |
| Aggregate Corporate Achievement | 129% | Combined performance result before the cap was applied |
| Individual Performance | 20% weighting; 0% payout | No additional payout due to caps imposed by the Compensation Committee |
| Vesting | N/A | Annual cash incentive is paid based on performance for the 2023 period [Not applicable] |
Equity Awards (RSUs & PSUs)
| Metric | Value | Details |
|---|---|---|
| Award Type | RSUs and PSUs | Equity awards granted in 2023 |
| Grant Date | March 15, 2023 | Common grant date for both RSUs and PSUs |
| RSUs Shares Granted | 69,235 | Vest in eight equal semi-annual installments starting Oct 1, 2023 |
| PSUs Target Shares | 69,235 | Maximum PSUs: 138,470 (200% of target) |
| PSUs Performance Metrics | GMS, Revenue, Adjusted EBITDA Margin, Relative TSR | Metrics used to determine the final earned shares with payout range from 0% to 200% |
| PSUs Vesting Schedule | 50% vest on April 1, 2025 and 50% on April 1, 2026 | For GMS, Revenue, EBITDA components; 100% vesting on April 1, 2026 for Relative TSR-based PSUs |
| Performance Period (PSUs) | GMS/Revenue/EBITDA: Jan 1, 2023 - Dec 31, 2024; TSR: Jan 1, 2023 - Dec 31, 2025 | Evaluation periods for the respective performance metrics |
| Grant Date Fair Value | RSUs: $8,232,056; PSUs: $7,251,674 | Calculated under FASB ASC Topic 718 |
| Grant Date Stock Price | RSUs: $104.74 per share; PSUs (Relative TSR): $161.38 per share | RSUs and PSUs based on closing market prices and simulation models |
This table summarizes the performance compensation components for 2023, including both the annual cash incentive and the equity awards. All metrics, thresholds, targets, weights, and vesting schedules are reflective of the documented data for 2023.