Nick Molnar (pictured left) will return to the role of CEO at Afterpay (ASX: APT), a position he will share with fellow founder Anthony Eisen (pictured right) just over a year after he left the top job to focus on the group's US expansion.
Molnar and Eisen have been appointed as co-CEOs of the buy-now pay-later (BNPL) giant today - a move that will see the co-founders share the load as the company continues to grow.
Molnar was previously the company's global chief revenue officer, leading the group's push into the US, while Eisen was the sole CEO.
The changes come more than a year after the group conducted an executive reshuffle as part of a plan to make the Afterpay board more independent.
That plan saw Molnar step aside as CEO and replaced by Eisen, while Elana Rubin took up the position of chair.
At the time the company was being scrutinised by AUSTRAC and concerns were growing over a competitive threat from Visa in the BNPL space.
According to Afterpay chair Rubin the appointment of Molnar and Eisen as co-CEOs was done to bolster the BNPL company as it expands overseas.
"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," Rubin said.
"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.
Molnar will return to the US as soon as possible, while Eisen will remain in Australia.
According to the co-CEOs the decision to lead the company as a pair is "logical" as Afterpay plans its long term goals.
"Since we founded Afterpay we have always been aligned and excited about the opportunity to create a globally relevant, customer centric business," Eisen and Molnar said.
"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."
The pair will receive a base salary of $450,000 on an indefinite term of employment.
Shares in Afterpay are down 3.11 per cent to $98.25 per share at 11.32am AEDT.
Business News Australia