Oct 29 (Reuters) - Etsy ( ETSY ) named insider Kruti

Goyal as its new chief executive officer on Wednesday, replacing

Josh Silverman, and reported weaker-than-expected core sales,

hurt by slowing demand.

Shares were down 5% in premarket trading.

Goyal, who is currently the company's president and chief

growth officer, will replace Silverman on January 1.

Silverman has spent over eight years at Etsy ( ETSY ). He will

transition to the role of executive chair until his departure at

the end of December. Current chair Fred Wilson will also step

down from his role.

Tough competition in the e-retail sector and tight consumer

budgets have dented Etsy's ( ETSY ) sales, as it faces uncertainties

arising from the Trump administration's ever-changing tariff

policies.

For the third quarter, Etsy ( ETSY ) posted GMS - a key metric to

measure sales - of $2.72 billion, compared with last year's

$2.92 billion and market estimate of $2.76 billion.