Payment company Square’s chief financial officer Sarah Friar will step down in addition to take a job as CEO of Nextdoor, the company announced Wednesday.
Shares of the fintech company, run by Twitter CEO Jack Dorsey, dropped as much as 8 percent in after-hour trading.
“I’m saddened by the news,” Square CEO Jack Dorsey said in note to employees. “I was unrealistically expecting to be working with Sarah well into our late 90s (swapping the standup tables for rocking chairs). Unrealistic because I knew of Sarah’s lifelong ambition to run her own company.”
The current CEO of Nextdoor, a social network for local neighborhoods founded in 2010, announced plans to step down through his role after almost eight years Wednesday.
San Francisco-based Square can be well-known for its credit card processor, payment hardware in addition to common Cash app. The company has also expanded into smaller business lending with Square Capital, which launched in 2014. Friar recently hinted at more moves into banks’ turf, in addition to said of which “anything you do today that has a bank account, you should look to the Cash App to begin to emulate more in addition to more of.”
Friar helped take Square public in 2015, in addition to build “a growing ecosystem of businesses of which will scale into the future,” Dorsey said in a press Discharge.
“Sarah leaves us having established a culture of entrepreneurship in addition to discipline across the entire company. She has been an amazing leader, partner, in addition to friend, in addition to we are grateful for all she’s done for Square,” the CEO said.
Square’s stock can be up more than 130 percent year over year, in addition to have surged more than 105 percent This specific year alone.