Afterpay Ltd (ASX:APT) today announced changes among its top management, Nick Molnar has been appointed as co-CEO and Managing Director, sharing the role with current CEO and Managing Director, Anthony Eisen.
Afterpay Chair, Elana Rubin, commented:
“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.”
“To achieve this, Anthony and Nick will become co-CEOs of Afterpay. They will continue to share responsibility for executing on our strategy and their performance will be measured on the same key objectives. Nick will return to the US as soon as is practicable and Anthony will continue to be based in Australia.”
Afterpay Co-CEOs, Anthony Eisen and Nick Molnar commented:
“The decision to become co-CEOs is a logical one considering our global expansion plans and ambitious long term goals. We are both committed to leading the business over the long term, and driving our strategy to continue generating value for our shareholders.”
Anthony Eisen was appointed to the Board on 5 July 2017, and was appointed CEO and Managing Director on 1 July 2019.
Mr Eisen has over 25 years’ experience in investing, public company directorships and providing corporate advice across a variety of sectors. Prior to co-founding Afterpay, he was the Chief Investment Officer at Guinness Peat Group. He was actively involved in a number of financial services, software and technology companies in which Guinness Peat Group was a major shareholder. Prior to this, he was involved in investment banking, specialising in mergers and acquisitions.
Nick Molnar was appointed to Afterpay’s Board on 5 July 2017. He was appointed Global Chief Revenue Officer on 1 July 2019.
Mr Molnar has extensive experience in online retail. Prior to co-founding Afterpay, he launched the leading American online jeweller, Ice.com, into Australia under the local brand Iceonline.com.au. He successfully grew Ice.com in Australia to become the largest online-only jewellery and watch retailer. Prior to this, Mr Molnar was an Investment Analyst at venture capital fund M.H. Carnegie & Co., where he was primarily responsible for growth stage investment opportunities in the technology sector.
The term of employment of both Anthony Eisen and Nick Molnar is indefinite, until termination. Their fixed annual remuneration is AUD$450,000 (i.e. base cash salary and superannuation). This is subject to review from time to time by the Board.