Afterpay Limited announced on Tuesday that it has appointed Nick Molnar as Co-Chief Executive Officer and Managing Director, effective immediately.
Announced in a press release today, Molnar, a serial entrepreneur with extensive online retail experience, will share the responsibilities of the Chief Executive and Managing Director role at Afterpay, a leading Australian retail payments innovator, with Anthony Eisen, who has held the position of CEO for six years.
In early 2014, Molnar and Eisen took on the challenge of founding Afterpay. Since then it has amassed almost 10 million customers and over 55,400 retail merchants. Additionally, the fintech is listed on the Australian Securities Exchange and operates in Australia, the UK, the US and New Zealand.
Afterpay Chair, Elana Rubin, commented: “Since Anthony and Nick co-founded Afterpay, the ability to leverage their complementary skills and experience has culminated in a strong and very successful partnership and has been key to Afterpay’s global success.”
This partly explains why Afterpay, located in Melbourne, has received various awards for its achievements including, “FinTech Innovator in Payments” at the inaugural FinTech Awards 2016, Finnies: FinTech Organisation of the Year & Excellence in Payments 2019, Australian Banking & Innovation Awards: Best Fintech Innovator 2019, Fin-tech Innovation in Payments and International Conqueror Award at the FinTech Awards 2019.
Prior to this promotion, in August 2012 Molnar embarked on developing an online jeweller, Ice.com, which was launched in Australia under a local brand called Iceonline.com.au. Notably, his family have proven successful in this industry for many decades. Thus, his specialised local product knowledge combined with his online marketing expertise enabled him to capitalise on a gap in the market, which is still ongoing today.
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Before Ice.com, Molnar was the Founder of BeShop in late 2008. Based in Sydney, he started by selling excess inventory of Jewellery on eBay. Not long after it grew and in late 2012, it transformed into Australia’s largest online jewellery retailer.
Earlier to the entrepreneur’s time developing BeShop, Molnar was an Investment Analyst at a venture capital fund, M. H. Carnegie & Co. where he was responsible for growth-stage investments for one year.
Molnar in The US and Eisen in Australia
Rubin said: “As Afterpay continues to expand globally, the focus on its international operations has never been greater.”
“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. Nick will return to the US as soon as is practicable, and Anthony will continue to be based in Australia,” Rubin added.
Afterpay Co-CEOs, Anthony Eisen and Nick Molnar commented: “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.”