Multiply announces news CEO Stefan Magdalinski to replace Peter Pezaris

We just received news that Multiply is replacing their current CEO Peter Pezaris with newly-hired Jakarta-based CEO Stefan Magdalinski. The company is also bringing all technical and product development from the US to Indonesia, and is currently hiring local engineers in Jakarta to lead the effort.

Stefan has a stellar record as a tech businessman, he was the CTO of Moo and former CEO of business directory startup Mocality. He's got various technical and management experience which will be beneficial for Multiply since they decided to pivot from social networking site to an e-commerce site.

“I'm very excited to be working with the existing Multiply teams in Indonesia and the Philippines and become part of our new operations here. Having worked in Nigeria and Kenya most recently, it’s wonderful to be operating in such developed markets as Indonesia and the Philippines,” Magdalinski said.  “My immediate objective is to recruit and assemble a world-class local technical development team to be based with me in Jakarta, and together build the best ecommerce platform in the region, if not the world.”

Peter Pezaris also left a note on Multiply Blog announcing that he will no longer joining Multiply, but he and "the rest of outgoing management team" will be remaining at the company until the end of the year to finish the transition process. And moving your headquarter from Boca Raton, Florida to Jakarta, Indonesia is NOT an easy transition.

Here's the complete official press release