Online clothing reseller Poshmark announced CFO Anan Kashyap will step down after five years with the company, and one quarter as a public company, in an 8-K filing Monday.
Kashyap will depart in August, following Poshmark's second-quarter 10-Q filing. He will remain engaged with the company as an advisor until the end of the year, and the company is initiating an internal and external search for his successor.
Kashyap was instrumental in Poshmark's IPO in January 2021, which doubled its valuation to more than $3.5 billion, from $1.25 billion in 2019.
An analyst by training, Kashyap began his finance leadership career as vice president of internet and new media investment banking at Deutsche Bank. He has remained firmly in the e-commerce sector since, serving as vice president of finance at Kayak and GrubHub during their respective IPOs. Poshmark, of which Kashyap was the first CFO, was the third e-commerce company he helped take public.
At the time of Poshmark's IPO, it counted 6.2 million buyers and 31.7 million users, and cited Amazon, eBay, Etsy, Facebook, Shopify, TJ Maxx and Walmart among its competitors, CNBC reported.
"I want to thank Anan for his leadership and contribution to Poshmark," founder and CEO Manish Chandra said in a statement. "Since joining the company nearly five years ago, Anan has helped to transform Poshmark from a small and pioneering private company to a NASDAQ-listed public company that's leading the future of shopping."
"I'm very proud of the growth and success we've achieved in my time as CFO," Kashyap said. "I've decided now is the right time for me to step back and help the company find the right CFO for the next stage of Poshmark's growth as a public company."
In 2016, Kashyap told the Wall Street Journal Poshmark's plan was always geared toward an IPO. "You need to show an ability to execute on what you say, and have some of those seeds planted [before going public]," he said. "I think it's important for investors to continue to evaluate your company [and] to have projects and strategies in place."
While Kashyap has not disclosed his next move, e-commerce platform Snapcommerce last week announced it has named him to its board of directors.
"In my years building businesses in e-commerce, one of the greatest challenges is that there is so much choice, that it's hard to surface quality," Kashyap said in a statement. "Snapcommerce is uniquely positioned to surface quality goods and services at a fair price — particularly with mobile-first millennials who are price conscious."