Buy-now pay-later fintech Afterpay Touch Group (ASX: APT) has announced an executive reshuffle as part of a plan to make the board more independent.
Amidst scrutiny from AUSTRAC and concerns over a competitive threat from Visa in the buy-now pay-later (BNPL) space, the company is seeking an independent chair with a global search about to commence for two independent directors.
Co-founder Anthony Eisen (pictured left) will step out of his position as chair and into the CEO role, which has been vacated by Afterpay's other co-founder Nick Molnar (pictured right) who will become the company's global chief revenue officer.
Elana Rubin, currently an independent non-executive director, will assume the role of interim chair.
As part of the changes, David Hancock will step down as group head - a role that will cease to exist at the company with its functions to be absorbed by the CEO and other members of the leadership team.
Hancock took on the position following the merger of Afterpay and Touchcorp in mid-2017 with the goal of integrating the then-distinct businesses into a a unified team, technology platform and operating base.
Afterpay also announced Frerk-Malte Feller, formerly of Facebook, became Afterpay's global chief operating officer effective 1 July.
Malte's appointment follows the recent appointment of Carl Scheible who is leading Afterpay's UK operations, reporting to Molnar in his new role.
"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," says Eisen.
"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.
"We feel privileged to have a strong leadership team that continues to expand, providing the Company with the necessary skills across a range of important disciplines which are essential to the Company's future success."
The two co-founders have also reinforced their commitment to the business and have emphasised they do not intend to sell any further shares during FY20.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia