Fashion resale marketplace Poshmark announced on Monday that its founder, Manish Chandra, is stepping down as CEO. Namsun Kim, who has served as executive chairman since April, has been appointed as his successor.

Chandra founded Poshmark in 2011 alongside his three co-founders in a garage in Silicon Valley. Under his leadership, the company went public, was acquired by Naver in 2022, and has grown to 150 million users to date.

After nearly 15 years, he’ll transition to being a member of the board of directors.

In an email sent to users, Chandra wrote, “Leading this company has been the greatest honor of my professional life. Every success we’ve achieved, every challenge we’ve overcome, has been because of you. It’s been the privilege of a lifetime witnessing each of you grow, and it has truly inspired me every single day. From the bottom of my heart, thank you. For being the extraordinary community that you are, for your trust, your creativity, and for all the possibilities you continue to create together.”

Kim comes from Naver, where he currently serves as president of investments. According to Chandra, Kim has been working with the founder since the beginning of this year to ensure the transition is “as smooth as possible,” he said.

Poshmark CEO and founder to step down