- Afterpay's current CEO and Managing Director, Anthony Eisen, will now share his role with Co-Founder, Nick Molnar
- Anthony and Nick co-founded the buy now, pay later stock back in 2014 which then listed in 2016
- Nick stepped down from the role in July last year to take on the role of Global Chief Revenue Officer
- The co-CEOs claim the decision to share the role is the logical step to optimise their global expansion plans and long term goals
- Company Chair, Elana Rubin commented saying the Board sees the importance in having an appropriate level of oversight, executive prominence and a. global presence
- Nick will return to the U.S. as soon as is practicable and Anthony will remain based in Australia
- Afterpay's shares have dropped 5.8 per cent to trade for $95.52
Afterpay (APT) has appointed Nick Molnar as co-CEO and Managing Director who will share the role with current CEO and Managing Director, Anthony Eisen.
The buy now, pay later mogul was actually founded in 2014 by both Nick and Anthony.
Since Nick stepped down from the role in July last year to take on the role of Global Chief Revenue Officer, Anthony has been the face of the company. However, the now-co-CEOs claim sharing the role is a "logical one" when considering global expansion plans and long term goals.
"Since we founded Afterpay we have always been aligned and excited about the
opportunity to create a globally relevant, customer centric business. Not only are we well on our way to achieving this, we are accelerating our efforts to leverage the momentum we have generated," Anthony and Nick said.
Company Chair, Elana Rubin, supports the decision saying the shared role will complement Afterpay's global success.
"As Afterpay continues to expand globally, the focus on its international operations has never been greater, as such, the co-founders and the Board believe that it is important to have an appropriate level of oversight, executive prominence and presence both internationally and domestically," Elana said.
As the fintech stock is a global player, the CEOs will need to run the business from separate ends. Nick will return to the U.S. as soon as is practicable and Anthony will remain based in Australia.
Afterpay's shares have dropped 5.8 per cent to trade for $95.52 at 3:34 pm AEDT.