Afterpay announces board changes

Company News

by Anna Napoli

 Afterpay (ASX:APT) has announced several changes to its board with co-founder Anthony Eisen to step into the role of CEO & Managing Director.

Co-founder, Nick Molnar, will become Global Chief Revenue Officer, reporting to Anthony. He will also continue as an Executive Director on the Board.

Elana Rubin, currently an independent Non-Executive Director, will assume the role of Interim Chair until a new independent Chair is appointed.

David Hancock, the current Group Head will step down from the Board at the conclusion of 2019 financial year-end matters when the role of Group Head will come to an end.

Frerk-Malte Feller has joined the Company in a newly created Global Chief Operating Officer role. He comes to Afterpay from Facebook in Menlo Park, CA, and has significant experience in the operations of fast-growing, globally expanding technology enterprises, including eBay and PayPal.

The company says co-founders Anthony Eisen and Nick Molnar remain fully committed to the business and do not intend to sell any further shares during the current financial year.

It has been a volatile few days of trade for Afterpay, shares fell as much as 15 per cent on Friday before staging a recovery following news Visa would trial the use of installment payments.

Shares in Afterpay Touch Group (ASX:APT) are trading 3.73 per cent higher at $25.31.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.