Proactive Investors - Etsy (NASDAQ:ETSY) Inc has appointed a new director from Elliott Investment Management after revealing the activist investor has built a "sizable" stake in the online marketplace.
Marc Steinberg, a partner at the New York-based hedge fund firm, will join the board from the start of next week, including becoming a member of the board's audit committee.
Etsy CEO Josh Silverman said the board had "gotten to know Marc, and appreciate his passion for Etsy's mission and excitement about the future growth opportunities", adding the new addition brings "unique and valuable experience as an investor and board member in the technology, digital media, and e-commerce industries".
Steinberg said Elliott, run by Paul Singer, has become "a sizable investor in Etsy and I am joining its board because I believe there is an opportunity for significant value creation".
He said the company has a "highly differentiated position in the e-commerce landscape and a uniquely attractive business model, supported by a distinctive and engaged community", with Elliott looking to help the board execute initiatives to improve the customer experience, accelerate sales and earnings growth, and drive long-term value.
Steinberg currently also serves on the boards of Pinterest (NYSE:PINS) and Nielsen among others.
Elliott has been active elsewhere in the past month, building a $1 billion stake in Tinder and Hinge owner Match Group (NASDAQ:MTCH), with along with Etsy shows an increased interest in tech companies in recent years, adding to stakes in PayPal (NASDAQ:PYPL), Salesforce and the aforementioned Pinterest.
Elsewhere it recently played a key part in engineering a new boss at Goodyear.