Afterpay Touch shares jumped yesterday after a board and management shake-up which is aimed at presenting new faces to investors and regulators.
The role of the founders has been wound back slightly with an independent director, Elana Rubin becoming chair of the installment credit company until a new permanent chair can be found.
The shares jumped nearly 7% to $26.09.
Anthony Eisen as chief executive and managing director (but not an executive chair, as he was) as part of a leadership overhaul that will include fellow co-founder Nick Molnar reporting to him.
The company said Mr. Eisen will lead the firm, with Mr. Molnar moving from Afterpay chief executive to global chief revenue officer.
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 yesterday.
Afterpay Touch also told shareholders that Frerk-Malte Feller had started in the newly created global chief operating officer role on Monday.
“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”.
“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.”
Mr. Eisen and Mr. Molnar, the company’s two largest shareholders with a 8.09% stake each, reconfirmed in yesterday’s statement that they do not intend to sell any shares until at least the next financial year.
