Summary
- Afterpay Limited announces the appointment of Nick Molnar as the co-CEO and Managing Director.
- Nick Molnar will be sharing the responsibilities with current CEO and Managing Director, Anthony Eisen.
- Afterpay Chair Elana Rubin has welcomed this addition to board and highlighted that they would continue to share responsibilities.
- Nick Molnar and Anthony Eisen said in a joint statement that the decision to become co-CEOs is a reasonable one considering the global expansion plans.
The major BNPL player in Australia, Afterpay Limited (ASX:APT), has today announced the appointment of Nick Molnar as the company’s co-CEO and Managing Director. He will be sharing the responsibilities with current CEO and Managing Director, Anthony Eisen. Anthony will continue to be based in Australia, while Nick will return to the US.
Afterpay Chair Elana Rubin emphasised on the strong and successful Partnership of Anthony and Nick, the co-founders of Afterpay, based on their complementary skills and experience that had been the key to APT’s global success.
Elana further added that as Afterpay maintains its momentum of global expansion, the board and co-founders believe that it is important to have an appropriate level of management, executive prominence and presence both internationally and domestically.
Image source: ASX announcement dated 17 November 2020
The Co-CEOs, Anthony Eisen and Nick Molnar said that they had always been aligned in creating Afterpay as a globally relevant, customer-centric business and have expedited their efforts to build up on the momentum gained by the business.
They further added that operating as co-CEOs is a logically backed decision keeping in view the future global expansion plans and ambitious long-term objectives. They are dedicated towards leading APT on a long-term basis and create shareholder value.
Financial performance in Q1FY21
The BNPL sector is doing well amid the ongoing prolonged Covid-19 pandemic. Below are the highlights of the financial performance by Afterpay in Q1 FY21.
Image source: ASX announcement dated 17 November 2020
- Underlying sales remained up by a whopping 115 per cent at A$4.1 billion.
- Active customers are up by 98 per cent, and it stood at 11.2 million.
- Active merchants increased by 70 per cent and stood at 63.8K
Outlook
The company is planning to continue its success trajectory with more investment in the future. In FY21, APT is planning to accelerate investment to:
- Enhancing platform and continue to grow people resources
- Co-investing with Retail partners and pursuing co-marketing opportunities
- Expansion to new markets
- Consolidate company's market-leading position.
Stock performance: On 17 November 2020, at AEDT 12:57 PM, APT was trading at A$97.650, down by 3.699 per cent with a market capitalisation of A$28.86 billion.
