Etsy CEO Chad Dickerson Stephen Lovekin/Getty Images Etsy shares sank on Tuesday after the company announced a number of executive changes and signaled job cuts in its earnings report.

CEO Chad Dickerson steps down from the role on Wednesday, the online marketplace for hand-made goods said in a statement.

Josh Silverman, a board member, will replace Dickerson as chief executive.

"In the six months that Josh has been on our Board, we have gotten to know him well and he has gotten to know us well," said Fred Wilson, the incoming chair of the board succeeding Dickerson. "That will make for an easier transition and faster execution."

John Allspaw, the chief technology officer, is leaving the company.

These announcements came hours after hedge fund Black-and-White Capital, which owns a 2% stake in Etsy, urged the company to explore strategic alternatives including a possible sale, according to Bloomberg. The fund also urged Etsy to separate the roles of chairman and CEO, which Dickerson jointly held.

Etsy announced that it expects to eliminate about 80 jobs, or 8% of its workforce.

"Early in the second quarter of 2017, we also looked for opportunities to increase efficiency and streamline our cost structure," the company said. "As a result of this process, we have identified savings that will be realized through a combination of headcount reductions and a reduction in internal program expenses."

These personnel changes came with the first-quarter earnings statement. Revenues of $96.9 million missed analysts' forecast for $98.4 million, according to Bloomberg. First-quarter earnings per share was $0.

"Although a challenging February contributed to lower than anticipated first quarter results, I am confident that the fundamental strength of Etsy's business and its unique competitive position will drive long-term growth for all stakeholders," Dickerson said.