Afterpay : Splits CEO, MD Role Between Co-Founders

By Stuart Condie

SYDNEY--Afterpay Ltd. has split its chief executive and managing director role, giving Nick Molnar equal billing with co-founder Anthony Eisen in a move the buy-now-pay-later platform said reflects the importance of its growing international operations.

Afterpay on Tuesday said Mr. Molnar will return to the United States, where he was previously Afterpay's U.S. CEO. Mr. Eisen, who previously held the CEO and MD roles, will remain in Australia.

Australia's No.1 buy-now-pay-later provider by market capitalization and market share said the pair will continue to share responsibility for executing strategy.

"As Afterpay continues to expand globally, the focus on its international operations has never been greater," Afterpay said in a statement.

"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."

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

11-16-20 1757ET