Afterpay Touch has named Anthony Eisen as chief executive and managing director as part of a leadership overhaul that will include fellow co-founder Nick Molnar reporting to him.
The buy-now-pay-later provider on Tuesday said that current executive chairman Mr Eisen will lead the firm, with Mr Molnar transitioning from Afterpay chief executive to global chief revenue officer.
Non executive director Elana Rubin will serve as interim chair until a permanent occupant can be found, while current group head and early stage investor David Hancock will step down after wrapping up matters related to the financial year that ended on Sunday.
“The proposed changes will enhance our governance and appropriately position the business and its leadership team to continually innovate and fully realise the global opportunity before us,” Mr Eisen said.
Afterpay Touch also told shareholders that Frerk-Malte Feller had started in the newly created global chief operating officer role on Monday.
“These changes represent a significant new phase in the company’s evolution and strengthens our organisational platform as we continue to build our domestic and international presence,” Mr Eisen added.
Mr Eisen and Mr Molnar, the company’s two largest shareholders with a 8.09 per cent stake each, reiterated they do not intend to sell any shares until at least the next financial year.
Afterpay Touch shares had soared from $12.40 at the start of 2019 to $28.77 last week but dropped 9.92 per cent on Friday and another 2.67 per cent on Monday amid reports that credit card giant Visa was targeting the buy now, pay later market.
They were worth $24.40 before the start of trade on Tuesday.