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Elana Rubin drops her ME board seat as she takes the chair at Afterpay

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Afterpay has formally appointed Elana Rubin as its chairman, a role she has filled on an interim basis since last year when the company founders announced they would surrender control of the buy now, pay later provider’s board.

Ms Rubin also announced that she would step down from the board of Members Equity Bank which has been dogged by revelations in The Sydney Morning Herald and The Age this month that it had unilaterally reduced the amount of money thousands of customers could access from their redraw facilities. The policy has since been reversed.

“Following an extensive global search … the board deemed that Elana was best placed to lead the board of Afterpay,” company co-founder and chief executive Anthony Eisen said. “Her ongoing stewardship and focus on good corporate governance will continue to deliver value to shareholders.”

The decision to make the Afterpay board independent was made in July last year following a turbulent month which saw the company receive three inquiries from the ASX, and an audit from AUSTRAC into its compliance with money-laundering laws.

The announcement was made Monday morning ahead of the stock reaching a fresh intraday record high of $47.47.



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